The Economic Offences Wing (EOW) of Odisha Police has arrested a couple from Greater Noida in Uttar Pradesh for allegedly defrauding investors of approximately ₹20 crore through an unregulated investment scheme promising high returns.
The accused have been identified as Chandra Sekhar Sahoo, a former Chartered Accountant who worked with Mahanadi Coalfields Limited (MCL), and his wife Jharana Sahoo, both originally from Tangar village in Anandapur, Keonjhar district.
According to EOW officials, Chandra Sekhar Sahoo resigned from his job in 2021 and established Evoreach Ventures Pvt. Ltd., appointing himself as Managing Director and his wife as a director. They also operated related entities like Stolax India Pvt. Ltd. and Evoreach Nidhi Ltd.
The couple opened offices in Talcher’s Handidhua and Bhubaneswar’s Patia areas, luring investors with promises of doubling their money in 30 months through monthly returns, or high-interest deposits invested in sectors like real estate, retail, pearl culture, fish farming, and hotels.
Initially, they paid returns to a few investors to build trust, but later closed the offices and absconded without repaying the principal or promised interest. Victims include hundreds from Odisha as well as Bengaluru, Chennai, Delhi, and other regions.
One complainant, Jayant Mishra, alleged that he and his wife invested over ₹1.05 crore based on the couple’s assurances.
Following multiple complaints, the EOW launched an investigation, tracked the couple to Greater Noida, and arrested them. They have been brought to Bhubaneswar for further interrogation.
The EOW has urged the public to exercise caution with unregulated investment firms offering unusually high returns, emphasising that such schemes often violate deposit regulations.
