Odisha EOW Apprehends Main Suspect in Rs 5 Crore Money-Doubling Scam from Hyderabad
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Synopsis
The Odisha Economic Offenses Wing has arrested Dhanajaya Sahoo, the primary suspect behind a Rs 5 crore money-doubling scam based in Hyderabad. Victims reported being duped by promises of high returns through his company, Mutual Alliance Global Pvt. Ltd. The accused faces multiple charges and is expected to appear in court soon.
Key Takeaways
- Dhanajaya Sahoo is the main suspect arrested.
- The scam involved Rs 5 crore from around 200 investors.
- Multiple companies were created by the accused.
- Promises made included doubling investments in 10 months.
- Investors were lured with meetings in prestigious hotels.
Bhubaneswar, Feb 24 (NationPress) The Economic Offenses Wing (EOW) of Odisha Police has apprehended the main suspect involved in a money-doubling investment scam totaling Rs 5 crore from the Khairatabad locality in Hyderabad, Telangana, as revealed by the EOW in a media release on Monday.
The suspect, Dhanajaya Sahoo, hails from Sharshada village, which falls under the Bhandaripokhari police jurisdiction in Bhadrak District, Odisha.
The arrest took place on February 21, and the accused was subsequently transported to Bhubaneswar on a transit remand after receiving approval from a local court in Nampally, Hyderabad.
He is set to appear before the designated court under the OPID Act in Cuttack on Monday. The money-doubling scam came to light after a victim investor, Govinda Chandra Sahoo from Jajpur district, filed a complaint against Dhanajaya with the EOW last month.
In his complaint, Sahoo alleged that Dhanajaya, along with his accomplices, deceived numerous investors out of crores while promising to double their invested funds through his company, Mutual Alliance Global Pvt. Ltd., within a span of 10 months.
During the investigation, authorities discovered that the fraudster, Dhanajaya, had established a total of five companies: Goodland Happy Home Infra Ltd., Goodland Construction Pvt. Ltd., PURIFIO Technology Pvt. Ltd., Coinex Technology Pvt. Ltd., and Mutual Alliance Global Pvt. Ltd. from 2011 to 2021.
The EOW sources indicated that Dhanajaya launched his most recent company, Mutual Alliance Global Pvt. Ltd., with its headquarters in the Budheswari area of Bhubaneswar in 2020.
As the Managing Director and in collusion with his associates, he persuaded the public to invest their money in Mutual Alliance Global Pvt. Ltd. with the promise of high returns.
Dhanajaya assured investors that they would receive double their invested amounts within 10 months. He also organized several investor meetings in various prestigious hotels in Bhubaneswar.
“He was soliciting deposits from investors by suggesting that the funds would ultimately be invested in real estate, e-commerce, and online gaming, pledging to double the deposited amount as fixed profit shares over 10 equal monthly installments,” the EOW noted.
Reports indicate that the accused issued Post Dated Cheques (PDCs) to investors, matching the promised repayment amounts.
Additionally, he entered into agreements with investors regarding the doubling of their deposits. Through his company, he accumulated deposits amounting to Rs.5 crore from approximately 200 investors, primarily from Cuttack, Khordha, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj Districts of Odisha.
At first, he provided minimal returns for one or two months, but subsequently ceased all payments. He then left the state after closing down his company’s office.
