The Economic Offences Wing (EOW) of the Odisha Crime Branch has made a significant breakthrough in a major financial fraud case, arresting a chartered accountant and his wife from Uttar Pradesh. The duo stands accused of orchestrating a sophisticated scheme that allegedly duped investors of a staggering sum close to Rs 20 crore.
The Modus Operandi: Promises of Doubled Money
The accused have been identified as Chandra Sekhar Sahoo (42) and his wife Jharana Sahoo (38). Their arrest on Tuesday from Gautam Buddha Nagar in Greater Noida followed a formal complaint lodged on December 8 by an investor from Talcher in Angul district. The complainant detailed how he was persuaded to invest approximately Rs 1.05 crore between 2022 and 2024 with the assurance that his money would double within a mere 30 months.
Investigations revealed that the Sahoo couple operated a company, initially established in 2021 from Handidhua in Talcher before expanding with an office in Patia, Bhubaneswar. To build credibility, they reportedly disbursed small returns to some investors initially. However, payments soon ceased, with the couple blaming "share market distress" for their inability to pay.
Diverse Ventures and Fraudulent Certificates
Dilip Tripathy, SP of EOW, explained the elaborate deception. "To convince investors, Chandra Sekhar claimed he was channelling funds into diverse ventures such as real estate, retail marts, pearl culture, fish farming and hotel businesses," he stated. The couple allegedly collected massive deposits not just for their company but also for purported share trading activities.
The funds were funneled into both company and personal bank accounts. In return, investors were issued fraudulent certificates and bonds, creating a facade of legitimacy. After maintaining the scheme for a few months by paying selective returns, the couple abruptly shut down their offices and fled.
A Calculated Scheme by a Finance Professional
Probe details paint a picture of a calculated fraud. Chandra Sekhar Sahoo, who previously worked as a chartered accountant with a central Public Sector Undertaking (PSU), resigned to start his own company in 2021. He later converted it from a private limited to a public limited entity. This move was used to float multiple unregulated deposit schemes, all promising exceptionally high returns.
The EOW's investigation indicates that the fraud's net was wide, ensnaring hundreds of unsuspecting investors not only from various parts of Odisha but also from major metropolitan cities including Bengaluru, Chennai, and Delhi.
Scale of the Fraud and Ongoing Probe
"As of now, the fraud amount has been ascertained to be around Rs 20 crore," confirmed SP Tripathy. The arrest marks a crucial step in bringing the accused to justice and unravelling the full extent of their financial deception. The EOW continues its probe to trace the flow of funds and identify all affected investors.
This case serves as a stark warning against investment opportunities that promise unrealistically high returns in short periods, especially those operating outside regulated financial frameworks.
