The Economic Offenses Wing (EOW) of the Odisha Police has successfully arrested the prime accused in a Rs5 crore money-doubling investment scam that defrauded numerous investors. The accused, Dhanajaya Sahoo, a resident of Sharshada village in Bhadrak District, Odisha, was arrested on February 21 from Hyderabad, Telangana, as reported by the EOW in a press statement issued on Monday.
Sahoo was apprehended from Khairatabad, Hyderabad, and was brought to Bhubaneswar on transit remand after obtaining permission from a local court in Nampally, Hyderabad. He is set to be presented before a designated court under the OPID Act in Cuttack on Monday.
The money-doubling scam first came to light when Govinda Chandra Sahoo, a victim from Jajpur district, filed a complaint with the EOW last month. The complaint alleged that Dhanajaya Sahoo, through his company, Mutual Alliance Global Pvt. Ltd., tricked several investors into depositing money with the promise of doubling their investments within 10 months.
Upon investigation, authorities discovered that Dhanajaya had established five companies between 2011 and 2021:
The company Mutual Alliance Global Pvt. Ltd. was set up in 2020, with its office located in Budheswari, Bhubaneswar. Dhanajaya, as the MD, along with his associates, lured the public to deposit money with the assurance of high returns. Investors were promised double the amount in just 10 months, with the funds allegedly being invested in real estate, e-commerce, and online gaming.
The accused provided Post Dated Cheques (PDCs) and executed agreements with investors. He collected a total of Rs5 crore from approximately 200 investors in districts across Odisha, including Cuttack, Khordha, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj. Initially, he paid meager returns for a few months, but eventually ceased payments and absconded after shutting down the company office.
Authorities are continuing their efforts to bring justice to the affected investors. The case is being closely monitored by the EOW.
