Sambalpur police arrested Santosh Kumar Acharya, 42, on Monday for allegedly orchestrating an investment fraud amounting to approximately Rs 100 crore. The fraud affected hundreds of investors across western Odisha, Chhattisgarh, and West Bengal. Acharya, a science graduate and resident of Sambalpur, was arrested following complaints from more than 400 investors. The investors, including Debabrata Panigrahi from Sundargarh, filed a formal complaint at the Dhanupali police station on February 18, 2024.
According to Sambalpur SP Mukesh Bhamoo, Acharya collected significant deposits from unsuspecting investors, promising returns of about 20% annually. The police suspect that the fraud, which appears to be a Ponzi scheme, could involve a total amount of up to Rs 100 crore. Bhamoo noted that due to the nature of the crime, the police are examining documents, banking transactions, and investment records to determine the full extent of the scam.
In 2013, Acharya reportedly launched a company he claimed was a legitimate branch of a Bengaluru-based firm. He promised high returns to investors and initially paid out returns on deposits. However, payments stopped in February 2024, with Acharya citing financial difficulties as the reason. Authorities are investigating further to uncover the full scope of the scam.
