Investors Lose Over Rs 5 Crore To Money-Doubling Fraud In Odisha’s Nayagarh; 2 Held

Nayagarh: A large number of people have allegedly been duped of crores of rupees after falling victim to the false promises of fraudsters in Odisha’s Nayagarh district.

According to sources, two siblings of the district had floated an application named APM Terminals and promised depositors to multiply their investments in a short period.

It was promised that if someone deposited Rs 5,000, he would receive Rs 55,000, while a deposit of Rs 15,000 would fetch the investors Rs 1 lakh every month. Lured by the offer, hundreds of gullible people invested crores of rupees and lost their money when the app was disabled recently.

As the application was promoted by local siblings, people deposited money thinking it was genuine. However, according to a modest estimate fake app ‘APM Terminal’ has robbed them of more than Rs 5 crore.

Some prominent political leaders, lawyers, and police officials were stated to have been cheated by the fraudsters.

The matter came to light after a depositor lodged a complaint with Nayagarh police recently after the app was disabled. Based on the complaint, police registered a case and launched an investigation.

Following a preliminary probe, police detained two persons identified as Arun Dash and Amulya Dash, both residents of Gayatri Colony in Nayagarh.

A police official said that investigation is in progress and preliminary probe showed that the fraudsters used a fake app to lure people to deposit money on the false promise of doubling their deposit.