Share market fraud: Rs 20 crore transactions under scanner, one arrested in Sambalpur

A massive fraud in the name of share market trading has been exposed in Sambalpur on Thursday. According to police sources, suspicious transactions amounting to Rs 20 crore have been detected. Police have arrested one person in connection with the case.

As per sources, the accused had allegedly collected money from as many as 47 people, luring them with the promise of a 10% monthly return on investment. The youth, a resident of Sambalpur, had rented a house and was operating an office from there.

Following a raid, police reportedly seized five computers, hard disks, a printer, and several important documents. An investigation is underway to identify others involved in the scam.

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"We had received a complaint about the fraud investment. Based on that complaint, we carried out an investigation and uncovered fraud around Rs 50 crore. Following initial investigation, we got some documents and found transaction of around Rs 20 crore. The accused' module was that he was investing in the stock market. He was motivating people to provide him money by promising them to return in minimum rate. He has trapped as many as 47 people with this promise. He has done transaction of around Rs 20 crore. His modus operandi was that he has rented a place and showing people that he is trading. He was asking money from people in his own account," informed Sambalpur SP Mukesh Bhamu.