The Sambalpur police have apprehended Santosh Acharya, the mastermind behind a fraudulent investment scheme that duped over 500 investors.
The accused allegedly used the name MCX to lure investors with promises of high returns, resulting in financial losses amounting to several lakhs of rupees.
According to sources, Acharya enticed investors by offering interest rates of 5% for ₹10 lakh, 7% for ₹20 lakh, and a substantial 8% for ₹1 crore deposits. The intricate scheme extended beyond national borders, adding complexity to the investigation.
The fraudulent operation, which abruptly ceased in 2024, left many investors in financial distress. Authorities are now delving into the international connections of the scheme to uncover the full extent of the deceit. The incident underscores the urgent need for stringent regulatory measures to protect investors from such scams in the future.
Police officials have assured that further investigations are underway to bring all those involved in the scam to justice. Investors are urged to exercise caution and verify the legitimacy of investment schemes before committing their funds.
