The Nayapalli police have arrested five individuals, including a woman, for orchestrating a large-scale currency exchange scam that tricked unsuspecting victims into handing over large sums of money with promises of doubling their cash.
The accused were identified as Anil Kumar Mistry (aka Siku, 37), Dilip Singh (aka Chandan, 48), Batakrushna Pradhan (55), Chitaranjan Das (40), and Mamata Samal (40).
According to Deputy Commissioner of Police Jagmohan Meena, the gang promised to exchange Rs500 notes for double the amount in Rs100 notes. Victims were told they would receive Rs1,000 in Rs100 denominations for every Rs500 note submitted — a deal too tempting for many to resist.
The fraud came to light following multiple complaints filed at Nayapalli and Bharatpur police stations, where victims reported losses amounting to over Rs10.5 lakh.
The accused would approach victims — often middle-class individuals and small business owners — near public spaces such as bus stands and railway stations. After gaining their trust, they convinced them to hand over cash in Rs500 notes.
Victims were discouraged from counting the exchanged money on the spot under the pretext that it was “black money” and risky to handle publicly. Once home, victims discovered bundles that contained only a small portion of real Rs100 notes — the rest made up of plain paper.
One shopkeeper reported losing Rs6 lakh, stating, “They appeared professional and trustworthy. When I checked the bag at home, only Rs1 lakh was in real notes — the rest was paper.”
Police suspect the gang operated for at least a year, targeting individuals across Bhubaneswar and nearby areas. All five suspects are from various regions of Odisha.
The accused have been booked under relevant sections of the Bharatiya Nyaya Sanhita (BNS), including cheating, forgery, and criminal conspiracy. Investigations are ongoing to uncover additional victims and possible accomplices.
