Trading scam: Odisha man duped of Rs 1.2 crore, accused nabbed in Assam

A major financial fraud has come to light with the arrest of a man from Assam, identified as Debajit Tripathy, who allegedly scammed victims under the guise of a lucrative trading business. 

The arrest came in response to a complaint filed by K Jitendra Patra, a resident of Malkangiri district, claiming to have lost over Rs 1.2 crore in the scam.

According to Patra’s complaint filed on August 9, 2024, at Malkangiri police station, he first met Tripathy in 2018, who then claimed to be a trader based in Cuttack.

Subsequently, the accused allegedly lured Patra with promises of high returns. He assured Patra that an investment of Rs 50,000 would yield a 20% profit within three months. 

Enticed by the offer, Patra initially invested and even received some returns as promised, which built trust in Tripathy.

Modus Operandi of the Scam:

Gaining Patra’s confidence, Tripathy allegedly convinced him to invest more. Over time, Patra invested approximately Rs 40 lakh initially, followed by an additional Rs 80 lakh in various instalments.

However, the promised returns eventually stopped, and Tripathy became untraceable. Realising that he had been defrauded, Patra approached the police.

ALSO READ: Fake website scam of Neeladri Bhakta Nivas in Puri: Odisha Crime Branch nabs key accused, his aide

Wider Network Under Investigation

Following the complaint, Malkangiri police launched an investigation and managed to arrest the accused from Assam.

“A CPU, two laptops, two chequebooks, a passbook and several bank cheques have been seized from the possession of the accused in the presence of two witnesses,” said Malkangiri police station sub-inspector, Prabhat Gouda.

Police sources revealed that Tripathy may have similarly defrauded at least five other individuals, with the total scam amount crossing Rs 3 crore.

ALSO READ: Gramin Dak Sevak recruitment scam: CBI raids 12 locations in Odisha including Bhubaneswar

Authorities suspect a larger network operating under the guise of trading investments and are continuing their probe to identify all those involved.