The Economic Offences Wing (EOW) of the Crime Branch arrested Dhananjaya Sahoo, the Managing Director of Mutual Alliance Global Pvt Ltd, on February 21, 2025, for allegedly swindling approximately 200 investors out of Rs 5 crore. The scam was uncovered after an investor, Govinda Chandra Sahoo, filed a complaint on January 31.
Dhananjaya Sahoo, a native of Bhandaripokhari, Odisha, founded several companies, including Mutual Alliance, Goodland Happy Home Infra Ltd, Goodland Construction Pvt Ltd, Purifio Technology Pvt Ltd, and Coinex Technology Pvt Ltd, between 2011 and 2021. His companies lured investors with promises of high returns, particularly in real estate, blockchain, e-commerce, and online gaming.
In 2020, Sahoo launched Mutual Alliance in Bhubaneswar. Using aggressive marketing tactics, he convinced the public to invest in his venture by offering to double their investment in just 10 months. He even issued post-dated cheques and formal agreements to gain investors’ trust.
Between 2020 and 2021, Sahoo collected a massive sum of Rs 5 crore from investors across several districts, including Cuttack, Khurda, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj. Initially, he made some payments to the investors, but later stopped, and eventually vanished, closing his office and fleeing to various states to avoid detection.
Sahoo was arrested in Khairtabad, Hyderabad, and subsequently brought back to Odisha. He appeared before the OPID court in Cuttack. Authorities seized several items during the arrest, including a laptop, mobile phone, pen drive, ATM cards, and his passport. Investigations indicate that Sahoo had previously visited foreign countries like Dubai, Thailand, and Germany.
In addition to this arrest, the Commissionerate Police’s Cyber Crime and Economic Offense unit arrested three individuals who allegedly defrauded a citizen of Rs 11.62 lakh through a fake online trading scheme.
The investigation into Sahoo’s activities and his associates is still ongoing.
