BHUBANESWAR: Jatni police on Tuesday arrested a fraudster for allegedly duping a businessman of a whopping Rs 1.5 crore on the pretext of financial assistance to expand his business.
Police said the accused Subrat Barik confessed to his crime during interrogation. The complainant, Krishna Modi is engaged in business with cab aggregators.
As per police, Barik, posing as a businessman, had promised Modi profitable deals in liquor shops and petrol pumps. He had reportedly also sought financial assistance from the complainant to expand his business.
Believing Barik’s words, Modi had agreed to partner with him and arranged funds to the tune of Rs 1.5 crore with the help of his tax consultant and others. Later, the complainant helped Barik by transferring over Rs 61.78 lakh to his bank account, providing Rs 52.83 lakh to his associates and giving Rs 35.38 lakh in cash, police said.
However, when Modi found out that Barik had used the money to make fixed deposits in his wife’s name, purchase a large plot of land and buy a significant quantity of gold jewellery, he asked him to repay the sum. He confronted the accused on the matter but the latter allegedly assaulted him and threatened of dire consequences.
Basing on Modi’s complaint, police arrested Barik. He was later produced in court.