A couple from Odisha’s Balasore district has been arrested for allegedly cheating investors of more than Rs 1.26 crore by promising them high returns on their investments.
The accused, 42-year-old Abinash Grahacharya and his 40-year-old wife Indulekha Ojha, were arrested from Baripada on September 12 with the assistance of Mayurbhanj police. They were later produced before a court in Sundargarh and sent to judicial custody.
According to police, the couple allegedly targeted investors by promising attractive returns through a company that Indulekha claimed to head as its managing director.
The case came to light after Sundargarh resident Prasant Kumar Naik filed a complaint. Police said the couple visited Naik and his wife at their home in August 2024 and allegedly persuaded them to invest a large sum.
Trusting the assurances, the couple transferred Rs 77.86 lakh through multiple UPI and net banking transactions, police said.
Investigators found that the accused allegedly collected another Rs 45.6 lakh from other investors using similar promises, taking the total suspected amount to over Rs 1.26 crore.
Police said the investors approached the couple for repayment when they did not receive the promised returns. The accused allegedly failed to return the money and subsequently stopped responding to them.
Following a complaint filed on April 17, the Cyber Crime and Economic Offences Police Station in Sundargarh began investigating the case. Officers examined witness statements, financial records and transaction details to trace the flow of money.
During searches, police seized bank passbooks, cheque books, debit and credit cards, financial documents, money receipt books and records connected to several entities allegedly operated by the couple.
Authorities are now examining the seized material to identify other possible victims, establish the complete money trail and determine whether anyone else was involved. Police are also working to trace and recover the allegedly defrauded funds.
