Chit fund scam resurfaces: Odisha EOW arrests Balasore man for duping investors of crores

A man from Balasore was arrested by the Economic Offences Wing (EOW) of the Odisha Crime Branch for allegedly duping several investors in the State to the tune of crores of rupees.

The accused has been identified as Nilesh Kar from Angaragadia area of the district.

As per reports, Nilesh was earlier selling phenyl in a car. He duped people in and outside the district to the tune of crores of rupees by luring them to invest money through an app named CloudFut.

Nilesh was working as the district head of the chit fund company. He lured people with the false assurance that the investors can get Rs 49 per week for investing Rs 50 in the company. He managed to collect crores of rupees from the people. 

A person identified as Nimai Charan Jena has invested Rs 2.50 lakh in the company. However, he did not get any weekly return as per the assurance given to him by Nilesh. Subsequently, he filed a complaint with the police. 

Following the allegations, the Economic Offences Wing (EOW) arrested Nilesh. He has been sent to judicial custody.

As per EOW sources, Nilesh has a deposit of Rs 50 lakh in his account.

“The fraudsters have opened a website named Crypto Currency Mining. Through the CloudFut app and the website, they duped crores of rupees from the people. The incident came to the fore when a person complained about the chit fund scam with the police. The complainant had invested Rs 2.5 lakh with the false assurance that he will get Rs 50 lakh. He approached the police when he didn’t get any return,” said public prosecutor Pranab Kumar Panda.