Did Odisha EOW Arrest a CA and His Wife in a ₹20 Crore Fraud Case?
Synopsis
The Odisha Economic Offences Wing has taken significant action by arresting a Chartered Accountant and his wife involved in a ₹20 crore fraud scheme. Discover how their deceptive practices misled numerous investors across India, and the implications of their actions on the financial landscape.
Key Takeaways
The Odisha EOW has arrested a Chartered Accountant and his wife.
The couple is accused of defrauding investors of ₹20 crores.
They promised high returns through unregulated deposit schemes.
Many investors were misled and lost substantial amounts.
The investigation is ongoing to uncover the full scope of their fraud.
Bhubaneswar, Dec 16 (NationPress) The Odisha Economic Offences Wing (EOW) has apprehended a Chartered Accountant and his spouse from Noida, Uttar Pradesh, related to a significant ₹20 crore fraud case.
The individuals involved have been identified as Chandra Sekhar Sahoo and Jharana Sahoo, residents of the Anandapur area in Keonjhar district. They were taken into custody on December 12 based on EOW Police Station Case No. 18/25, which was registered on December 8 following a complaint from Jayant Mishra, an employee at MCL, Balanda, Talcher.
As the investigation progressed, authorities discovered that Chandra Sekhar, who was previously employed as a Chartered Accountant with MCL, Talcher, resigned and subsequently established a company, M/s Evoreach Ventures Pvt. Ltd., in 2021. Chandra Sekhar served as the Managing Director, while his wife Jharana held the position of Director.
“He transformed the company from a Private Limited entity to a Public Limited one and launched various unregulated deposit schemes illegally, luring investors with promises of high returns. His main tactic involved convincing investors to double their investments within 30 months by providing 30 monthly returns,” stated EOW sources.
Jayant Mishra, the complainant, claimed that he and his wife invested over ₹1.05 crore in different schemes offered by M/s Evoreach Ventures Pvt. Ltd. between February 2022 and February 2024.
Additionally, Chandra Sekhar solicited various amounts from numerous individuals, not just for company investments but also for share trading with Octa FX and other trading platforms.
He assured investors that the collected funds were being reinvested in diverse sectors including real estate, retail mart, pearl culture, fish farming, and the hotel industry. However, the funds were deposited into both M/s Evoreach Ventures Pvt. Ltd. and the personal accounts of the Directors.
To mislead investors, the accused Directors distributed attractive brochures featuring lucrative schemes promising high returns. They also issued certificates and bonds fraudulently to gain investors' trust.
After initially fulfilling the promised returns for a short duration to select investors, the accused Directors shut down the company offices in Handidhua, Talcher, and Patia, Bhubaneswar, before fleeing.
“Many investors from Odisha and other regions, including Bangalore, Madras, and Delhi, were misled into investing substantial amounts through the schemes created by the company,” the sources noted.
“It has been determined that the accused Directors have fraudulently amassed around ₹20 crores from hundreds of investors under the pretense of share trading and investments through the unregulated deposit schemes of Evoreach Ventures Pvt. Ltd. and other companies such as Stolax India Pvt. Ltd. and Evoreach Nidhi Ltd,” EOW sources added.
Point of View
It is crucial to report on this alarming incident involving financial fraud. The arrest of Chandra Sekhar and Jharana Sahoo by the Odisha EOW underscores the urgent need for stringent regulations in investment schemes to safeguard unsuspecting investors. The trust placed in financial advisors must be protected, and actions must be taken to prevent such fraudulent activities in the future.
NationPress
20 Jun 2026
Frequently Asked Questions
What was the main fraud case about?
The fraud case involved the arrest of a Chartered Accountant and his wife who misled investors through unregulated deposit schemes, promising high returns on investments.
How much money was involved in the fraud?
The fraudulent activities reportedly involved around ₹20 crores collected from investors.
Who filed the complaint against the accused?
The complaint was lodged by Jayant Mishra, an employee with MCL, Balanda, Talcher.
What schemes were offered to investors?
Investors were offered various schemes promising to double their investments in 30 months, which were ultimately fraudulent.
What actions have been taken against the accused?
The Economic Offences Wing arrested the accused couple and is investigating the full extent of their fraudulent operations.
