Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police arrested a man for allegedly duping people by collecting deposits with the false promise of doubling their money in 10 months, police said.
The accused, identified as Dhanajaya Sahoo, was arrested in Hyderabad and brought to Odisha on remand Monday.
A case has been registered against him under various sections of the IPC and the Banning of Unregulated Deposit Schemes Act, police added.
He was arrested following a complaint by Govinda Chandra Sahoo of Jajpur district, who had deposited money with Mutual Alliance Global Private Limited, a company owned by Dhanajaya.
Investigations revealed that between 2011 and 2021, Dhanajaya established at least 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., where he served as managing director.
Through these companies, he lured investors by promising exorbitant returns, claiming that the deposited funds would be reinvested in real estate marketing, blockchain-based real estate ventures, e-commerce, and online gaming platforms.
In 2020, he founded his latest company, Mutual Alliance Global Pvt. Ltd., operating from Chintamaniswar Temple, Budheswari Area, Bhubaneswar, police said.
According to the probe so far, Dhanajaya collected around Rs 5 crore in unregulated deposits from around 200 investors between 2020 and 2021.
The victims were from the districts of Cuttack, Khordha, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj in Odisha, police added.
Authorities have seized several incriminating materials from the accused, including a laptop, mobile phone, pen drive, bank account documents, ATM cards, and a passport.
Police also discovered that Dhanajaya had traveled to foreign countries such as Dubai, Thailand, and Germany.
PTI
