The Economic Offences Wing (EOW) of Odisha arrested Dhanajaya Sahoo, the prime suspect in a fraud case involving a massive sum of ₹5 crore.
The arrest took place on February 21, 2025, in Khairatabad, Hyderabad. Sahoo, who hails from Sharshada in Bhadrak District, was taken into custody for allegedly promising to double the deposited amount within a mere 10 months.
The case against Sahoo was registered on January 31, 2025, following a written complaint by one Govinda Chandra Sahoo from Jajpur District. The accused has been charged under multiple sections of the Indian Penal Code (IPC) and the Banning of Unregulated Deposit Schemes Act. Sahoo is scheduled to be produced before the Hon’ble Designated Court under the OPID Act in Cuttack today.
Investigations reveal that between 2011 and 2021, Sahoo established five companies, including Goodland Happy Home Infra Ltd. and Mutual Alliance Global Pvt. Ltd. He allegedly lured investors by promising high returns on their deposits, which were purported to be invested in real estate, blockchain, e-commerce, and online gaming.
Sahoo conducted meetings in prestigious hotels to attract investors, offering post-dated cheques and agreements to gain their trust. Despite initially paying minimal returns, he later defaulted on payments and absconded, leaving around 200 investors in different districts of Odisha at a loss of approximately ₹5 crore.
Incriminating materials, including laptops, mobile phones, bank accounts, and passports, were seized from Sahoo. The accused is also reported to have visited foreign countries such as Dubai, Thailand, and Germany.
The investigation is ongoing as authorities continue to uncover the extent of Sahoo’s fraudulent activities.
