Youth arrested for cheating people of Rs 50 crore in Odisha

The Uncut

Bhubaneswar. Odisha Police on Tuesday arrested a man for duping people of Rs 50 crore by promising them huge profits by investing in various schemes of a firm. Economic Offences Wing officials arrested the managing director of the firm from Chandbali in Bhadrak district for duping around 2,000 investors. A case has been registered against the accused under various sections of the Odisha Protection of Depositors’ Interests (OPID) Act and the IPC, a senior official said.

He said that during the period 2020-2023, the accused launched two schemes and promised to give about 26 percent profit per month on the amount invested. He said that the firm was offering two percent bonus to lure new members. During the investigation, the Economic Branch found that the Managing Director of the firm had given profits to some investors to win their trust. He raised more than Rs 50 crore from 2,000 investors of Odisha. After this, the accused closed the schemes and absconded. The Economic Offenses Wing has seized a laptop from the possession of the accused and the investigation is going on.

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