TV
A major financial scam has come to light in Odisha, where unsuspecting citizens were lured with the promise of high returns on investments. In a shocking revelation, the cyber crime police station in Bhubaneswar has arrested three individuals, including two directors of fraudulent companies, for allegedly duping investors of lakhs of rupees through deceptive investment schemes.
The scam revolved around the false promise: “Invest a large amount, earn a large return.”
The accused used this enticing tagline to draw people into their trap, promising a monthly return of up to 7%—a rate far higher than any legitimate financial institution would offer.
Unfortunately, many victims fell prey to the scheme, investing large sums in the hope of easy profits, only to see their hard-earned money vanish.
According to the Cyber Police, the prime accused have been identified as Siddharth Pujari from Jeypore in Koraput district and Abinash Sahu from Khordha. Their associate, Vibek Singh, was also arrested in connection with the case. The trio allegedly opened two companies, registered in Bengaluru, and used fake websites and agents to promote their fraudulent schemes in various parts of Odisha.
What Bhubaneswar DCP Said?
Bhubaneswar DCP, Jagmohan Meena on Monday informed that to gain the trust of investors, the accused organized meetings in luxury hotels and malls and used professional presentations to project a credible image. Their tactics proved effective, especially among middle-class and upper-middle-class individuals looking for better investment options.
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A case was registered after a complainant alleged that that he lost after investing around Rs 10 lakh after being convinced of the scheme’s legitimacy. As per police sources, over Rs5 lakh of the duped money has already been frozen, and investigations are ongoing to trace the rest of the swindled funds.
The police suspect that more individuals may be involved in this racket and are currently probing the extent of their involvement.
The Bhubaneswar DCP, stated that legal proceedings to attach the property of the accused are already underway. He also warned the public to remain cautious of companies offering unusually high returns on investments, calling such promises a "red flag."
“This is a classic case of financial fraud. People must be extremely cautious when approached with high-interest investment schemes. If anyone has fallen victim to such scams, they are urged to immediately report the matter to the nearest police station,” added DCP Meena.
The Bhubaneswar DCP further informed that the fraudsters have set up fake companies and registered them in Bengaluru. They used to promise investors 7 per cent returns on their investments. Initially, the fraudsters had returned money as per promised to some people so as to win gain trust of other investors.
We found that the fraudsters subsequently stopped providing promised returns to investors. We had registered a case after a person alleged that he has been duped to the tune of Rs 10 lakh, he added.
