Odisha Police arrest man for alleged Rs 50-crore investment scam

Sambalpur: Odisha Police on Thursday arrested a 36-year-old man for allegedly cheating investors of nearly Rs 50 crore by promising high returns, officials said.

The accused, identified as Madhusudan Baral from the Khetarajpur area of Sambalpur, was taken into custody after an investor lodged a written complaint at the Sambalpur Sadar police station. According to police, the complainant and 47 others had invested large sums in Baral’s agency, believing they would earn significant profits through trading.

Sambalpur SP Mukesh Kumar Bhamoo said the initial probe revealed that Baral collected around Rs 50 crore through cash, cheques and online transfers, with most of the amount received in cash. “We have so far traced transactions worth Rs 20 crore. The investigation is still in progress,” he said.

Police also seized a mobile phone, six computers and several documents from the accused as part of the ongoing inquiry.

(with inputs from agencies)