In a major crackdown on financial fraud, Sambalpur police arrested Santosh Acharya, the key suspect behind a large-scale investment scam. The accused allegedly defrauded more than 500 investors across Sambalpur district by promising high returns through the name of MCX. The fraudulent scheme led to substantial financial losses, amounting to several lakhs of rupees.
Santosh Acharya is accused of operating a network that solicited funds from investors with the promise of lucrative returns. The scheme offered 5 percent interest on a Rs 10 lakh investment, 7 percent on Rs 20 lakh, and an enticing 8 percent interest on deposits of Rs 1 crore. Investors were drawn in by these seemingly attractive terms, only to have the operation come to an abrupt halt in 2024.
The authorities are now investigating potential international connections tied to the fraudulent scheme. They aim to uncover the full extent of the deception, which has left investors in severe financial distress. This case underscores the need for stricter regulatory measures to protect the public from such financial crimes.
