A student in Bhubaneswar was arrested by police on charges of swindling over Rs 1 crore from people by luring them to invest.
The accused has been identified as Atmajyoti Nayak, a BBM student from the Airfield Police Station area. He was arrested by the special crime unit of the Commissionerate Police.
According to police, Atmajyoti used to lure people by promising a 20 per cent return on investments. After receiving funds from people, he never used to return the money and went into hiding.
Following complaints from people, police started an investigation and arrested him.
The police are also examining his bank accounts and transactions. The police are also trying to find out how many people have been the victims of the fraud.
Addressing a press meet, ACP Sarat Chandra Sahoo said, "The accused had opened a webpage named Imperial Investors. He had given an advertisement about the company. He promised prospective investors that they would get 10 to 15 per cent of their principal amount in a month.”
Attracted by the advertisement, about 10 people (including nine complainants) had invested Rs 1.15 crore and the accused received the money through RTGS, Sahoo added.
“To win the trust of the people, he had subsequently returned Rs 12 lakh to them. When investors wanted their money back, the accused had issued blank cheques which bounced,” the ACP informed.