Man held for duping investors of Rs 50 cr

Sambalpur: Odisha Police on Thursday arrested a man for allegedly duping investors of around Rs 50 crore by promising high returns, officials said. The accused has been identified as Madhusudan Barai (36), a native of Khetarajpur police station area in Sambalpur district. He was arrested in connection with a case registered at Sambalpur Sadar police station following a written complaint by an investor, police said. The complainant, along with 47 other people, had invested in Barai’s agency with expectations of receiving high returns in trading.

According to preliminary investigation, it was found that Barai had collected Rs 50 crore through cheques, cash and online mode. He received the maximum amount in cash, Sambalpur SP Mukesh Kumar Bhamoo said. “During probe, we detected transactions of Rs 20 crore. Further investigation is underway,” he said. Police have seized a mobile phone, six computers and other documents from the accused.