Bhubaneswar: Badagada Police under Bhubaneswar UPD arrested a man for allegedly cheating investors of Rs 18.9 lakh by promising higher returns through investments in government and power sector projects, officials said Saturday.
The accused has been identified as Onkar Prasad Pattnaik (44), who has been forwarded to judicial custody. During investigation, police found that Pattnaik along with his associates allegedly lured one of the complainant’s husband and relatives by assuring high returns from investments linked to government projects including one in OPGC.
Police said Pattnaik and his brother Jyoti Ranjan Pattnaik allegedly collected Rs 18,90,000 from multiple persons through bank transactions. When the victims demanded refund, the accused allegedly abused and threatened them with serious consequences.
The police arrested the accused near Apollo Hospitals here after following on a tip off February 13. Pattnaik confessed to his involvement in the crime during interrogation, police said.