India News | Odisha: Man Arrested for Duping 200 People Promising Them to Double Their Money in 10 Months

Bhubaneswar, Feb 24 (PTI) A man was arrested for duping about 200 people in different parts of Odisha of Rs 5 crore by taking money from them with the promise of doubling it within 10 months, police said on Monday.

Dhanajaya Sahoo, arrested by the Economic Offence Wing (EOW) of Odisha Police from Hyderabad, along with his accomplices had taken unregulated deposits of Rs 5 crore through his company Mutual Alliance Global Pvt Ltd in 2020 and 2021.

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The investors were mainly from Cuttack, Khurda, Jajpur, Bhadrak, Keonjhar and Mayurbhanj districts, police said.

Although Sahoo initially paid very meagre returns to the investors, he stopped making payments later and absconded by closing down the company's office, they said.

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He was arrested on February 21 on the basis of a complaint lodged by one Govinda Chandra Sahoo of Jajpur district. He was brought to Bhubaneswar on transit remand on Monday.

A laptop, mobile phone, pen drive, bank documents, and a passport were seized from him, and an investigation was underway, police said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)