Sambalpur police exposed a massive share market fraud involving more than Rs 50 crore. They arrested Madhusudan Barei of Chandan Nagar under the Khetrarajpur police station after receiving multiple complaints from victims.
Investigators revealed that Barei and his associates lured investors by promising high monthly returns of 10% through fake share market trading. The group collected money from at least 47 people and deposited funds into accounts held in the names of his mother, sister, and company accounts.
Rajkumar Panda of Putibandh village lodged a complaint at Sambalpur Sadar police station, stating he lost Rs 30 lakh in the scam. Police launched an investigation and discovered that Barei ran a racket under the banner of “A & A” from an office in Putibandh Chhak.
Police raided the office and seized five computers, hard disks, a printer, and several documents. Sambalpur SP Mukesh Kumar Bhamu confirmed that investigators traced transactions worth Rs 20 crore, while the total fraud reached Rs 50 crore.
Barei rented premises to create the impression of legitimate trading activity. He convinced people to invest by showcasing schemes with promises of higher profits. Police believe more victims will surface as the investigation continues.
SP Bhamu announced that police will take Barei on remand for further questioning. He also stated that police will arrest additional suspects linked to the racket. Authorities urged citizens to stay alert and avoid fraudulent investment schemes that promise unusually high returns.
