Massive scam 'luring investors with fake return rates' unearthed in Odisha’s Sambalpur

A major financial scam by MCX has surfaced in Sambalpur, duping investors across Odisha and beyond. Victims filed complaints alleging false high returns. Key accused Santosh Acharya is absconding.

Massive scam 'luring investors with fake return rates' unearthed in Odisha’s Sambalpur

Bond papers issued by MCX

time

A massive financial scam has come to light in Sambalpur leaving many investors duped of several lakhs and even crores of rupees. The fraudulent scheme, operated by a company named MCX, has affected not only locals but also Odia investors from various districts, states, and even countries outside India.

The scam was exposed when over 500 victims held a meeting in Sambalpur and filed a complaint at the Dhanupali police station.

The investors alleged that MCX had been promising high-interest returns for years but abruptly stopped payments in March 2024. Further, they claimed that the company initially offered attractive monthly interest rates, such as 5 per cent on Rs 10 lakh, 7 per cent on Rs 20 lakh, and 8 per cent on Rs 1 crore.

The complaint also named a man, Santosh Acharya, to be an alleged agent of MCX. The report added that he had allegedly been operating the scheme from Kolkata but has now disappeared without a trace.

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The modus operandi of the scam involved a bond system, where investors received documents as assurance for their deposits made after being lured into the high-rate investment returns promise. After receiving some attractive returns, many unsuspecting individuals went ahead and made large-scale investments. However, they never heard from the company again, sparking panic and resentment.

Meanwhile, the affected investors have formed an ‘MCX Crisis Committee’ to address the issue. The scam has impacted Odia investors from regions like Sikkim, Switzerland, Chhattisgarh, Indore, and West Bengal.

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“The scam has duped so many people that it may arguably be the largest financial scam in the history of Western Odisha,” stated Debabrata Panigrahi, a member of the MCX Crisis Committee.

Meanwhile, the police have urged victims to report the fraud at their respective local police stations but have so far not offered any comments or have been able to trace down the kingpin of this scheme.

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