The Economic Offences Wing (EOW) of the Odisha Crime Branch has made a significant breakthrough, arresting a serial fraudster and confiscating high-value assets estimated to be worth around Rs 20 crore. The operation, conducted on Tuesday, targeted an individual accused of orchestrating a sophisticated land purchase scam.
The Mastermind Behind the Multi-Crore Land Scam
The accused has been identified as Rama Narayan Bal, a man in his thirties. A formal cheating case was registered against Bal on October 29 after nine individuals came forward, alleging they were duped of a collective Rs 20 crore. Bal's modus operandi involved posing as a senior officer of a nationalised bank. He lured victims by promising to help them purchase prime land that he claimed was being auctioned by the bank following loan defaults.
To build an air of authenticity, Bal, who had previously worked in a finance firm during 2023–24, produced a suite of forged documents. This included fabricated sale agreements, fake quotations for land approval, and the use of counterfeit bank seals. Investigators revealed he even went as far as forging the signature of a deputy general manager to bolster his deception.
"The unsuspecting land buyers gave him money without verifying with the bank directly," stated a senior EOW officer, highlighting how the scam succeeded due to a lack of direct verification by the victims.
Nationwide Searches and Massive Asset Seizure
The EOW's probe uncovered that Bal was not a first-time offender. He had been previously booked in multiple cheating cases across Mayurbhanj, Bhadrak, and Angul districts. It was discovered that he had amassed considerable movable and immovable property using the proceeds from his criminal activities.
Acting on this intelligence, the EOW conducted simultaneous searches on December 20 at Bal's residence in Bhadrak and his business establishments in both Bhadrak and Bhubaneswar. The raids yielded a staggering haul of assets purchased with the illicit funds.
The seized items include:
- Ten vehicles, which included luxury cars and DJ-loaded vehicles.
- High-end mobile phones.
- Professional DJ sound systems.
- Expensive photography equipment.
A Warning to Fraudsters and the Public
This arrest and seizure operation sends a strong message from the Odisha EOW about its commitment to tackling high-value economic fraud. The case underscores the sophisticated methods employed by modern fraudsters who exploit trust in established institutions like nationalised banks.
For the public, the investigation serves as a crucial reminder to exercise extreme caution and conduct independent verification through official channels before transferring large sums of money for property deals, especially those presented as "auction" opportunities. The EOW's action demonstrates that such elaborate scams eventually unravel, leading to severe legal consequences and asset forfeiture.
