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The Odisha police on Tuesday arrested a person for allegedly cheating people of Rs. 50 crore under the guise of promising high returns from investments in various schemes of a firm. The managing director of the firm from Chandbali in Bhadrak district was arrested after it allegedly defrauded around 2,000 investors., Crime News - Times Now
Firm owner arrested in Lucknow for defrauding 100 investors of Rs 2 crore. Bimalananda Bhuyan, the owner of a limited liability partnership (LLP) firm, along with his wife, stands accused of enticing investors with promises of lucrative returns from investing in LED monitors for displaying advertisements. Investigations revealed misappropriation of collected funds. Arrested under the Odisha Protection of Interests of Depositors (OPID) Act.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
Bhubaneswar: In the first-ever conviction in a digital ponzi scam in the state, a court in Balasore sentenced Prince Kumar, director of a digital ponz.
A designated court under the Odisha Protection of Interests of Depositors (OPID) Act, 2011, has confirmed the attachment of properties of the firm, Surya Nirman Resources Pvt Ltd, and directed the competent authority to sell it through public auction for equitable distribution of the proceeds among the depositors, the EOW said in a statement.