A major financial scam has been uncovered in Odisha, with unsuspecting citizens being lured by the promise of high returns on investments. The Bhubaneswar Cyber Crime Police have arrested three individuals, including two company directors, for allegedly duping victims out of lakhs of rupees through deceptive investment schemes.
The scam revolved around a simple yet enticing tagline: “Invest a large amount, earn a large return.” The perpetrators promised monthly returns of up to 7%, far higher than what legitimate financial institutions could offer. Many individuals, eager for easy profits, fell into the trap, only to see their hard-earned money vanish.
The prime accused have been identified as Siddharth Pujari from Jeypore in Koraput district and Abinash Sahu from Khordha. Along with their associate, Vibek Singh, they are alleged to have opened two fraudulent companies registered in Bengaluru. These companies used fake websites and agents to promote the scam across various parts of Odisha.
To build trust, the accused held meetings at luxury hotels and malls, employing professional presentations to convince victims that their investment was secure. Their deceptive tactics proved successful, especially among middle-class and upper-middle-class individuals seeking better investment opportunities.
The scam came to light when a complainant reported losing Rs 10 lakh after investing in the scheme. As of now, the police have frozen over Rs 5 lakh of the duped money, and investigations are ongoing to trace the remaining funds. The authorities also suspect the involvement of other individuals in this racket.
Bhubaneswar’s DCP, Jagmohan Meena, has urged the public to be cautious about companies offering unusually high returns. He described the case as a classic example of financial fraud and warned that such schemes are a “red flag.” The police are taking legal action to attach the accused’s properties, and anyone who has fallen victim to similar scams is urged to report the matter to the nearest police station.
The fraudsters initially provided returns to some investors, winning their trust, but later stopped delivering the promised returns. The authorities are working to uncover the full extent of the scam and bring the perpetrators to justice.
