BHUBANESWAR: The Special Crime Unit of Commissionerate Police on Tuesday arrested a fraudster for allegedly duping gullible investors and using their funds for trading. Two mobile phones and passbooks of different banks were also seized from him.
The accused Atmajyoti Nayak (21) of Palaspalli area in the capital city, was arrested on the basis of a complaint filed by a lady from Chintamaniswar area.
The lady in her complaint in February alleged that Nayak, posing as an imperial investor, lured her and eight others who then invested around Rs 1.11 crore in the company he had allegedly advertised on social media.
The company assured them a return of 10% to 15% interest every month on the principal. Being allured, the woman along with others invested their money in the company. Though they initially received some interest, the accused reportedly later did not return their money and absconded.
Police said Nayak was operating under the guise of an imperial investor and targeted unsuspecting individuals with promise of high returns on their investments. Through deceitful tactics and false representations on social media, Nayak convinced numerous investors to entrust their hard-earned money to him, only to betray their trust and misappropriate their funds for personal gain, police said.
“Our investigation has revealed a pattern of fraudulent activities perpetrated by Nayak, which has caused substantial financial losses to his victims,” said an investigating official.
Police said they will pray for three-day custody of Nayak, after he is produced before the court.