Businessman Arrested In Bhubaneswar For Rs 3 Crore Fraud

Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch has arrested Bishnu Prasad Sahu, owner of Sahil Enterprises, for allegedly duping nearly two dozens of investors of Rs 3 crore.

One Shubhranshu Shekhar Raut had lodged a complaint against him.

The complainant had alleged that Sahu had asked 22 persons to invest in his potato and seafood trading/prawn businesses and collected about Rs.2.5 crores by promising them high returns and dividends.

Raut claimed he had invested Rs 66 lakh in Sahu’s firm in Bhubaneswar between March 2017 and March 2018.

“To gain the trust of the investors, the accused had prepared fake/forged agreements and falsely assured the depositors of high returns. After misappropriating the money, the accused started avoiding the depositors and went underground,” EOW said in a release.

Sahu, who hails from the Keonjhar district, was arrested from Bhubaneswar on Friday.

He has been booked under several sections of IPC pertaining to cheating, criminal breach of trust, fraud and criminal conspiracy along with Section 6 of the OPID Act, 2011 and remanded to judicial custody, it added.