May 28th 2024.
The Odisha Police have taken a major step towards justice as they apprehended an individual on Tuesday for allegedly defrauding people of a whopping sum of Rs 50 crore. The accused, who is the managing director of a firm, was caught by the sleuths of the Economic Offences Wing in Chandbali, a town in the Bhadrak district. This firm has been accused of duping approximately 2,000 investors through various schemes that promised high returns on their investments.
According to a senior officer, the accused has been charged under the Odisha Protection of Interests of Depositors Act and the Indian Penal Code. It has been reported that during the years 2020-2023, the accused launched two schemes that lured investors with a promise of 26% monthly returns. As if that wasn't enough, the firm also offered a two percent bonus to those who brought in new members.
Upon further investigation, the EOW discovered that the arrested managing director had paid a select few investors with high returns in order to gain their trust. As a result, he was able to amass a staggering amount of Rs 50 crore from unsuspecting investors in Odisha. The accused then vanished into thin air, leaving behind 2,000 victims with empty pockets.
The Economic Offences Wing has seized a laptop from the accused's possession, and the investigation is still in progress. It's a relief to know that the authorities are taking necessary steps to bring this fraudulent individual to justice and recover the lost funds of innocent investors. Let's hope that this serves as a lesson to others who have similar intentions and that the victims are able to get back what rightfully belongs to them.
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