Koraput: Malkangiri police have arrested a key accused in financial fraud cases to the tune of nearly Rs 3 crore from Assam.
The accused, Debajit Tripathy (43) of VSS Nagar under Bargarh Town police station limits, was apprehended from Tezpur in Assam and brought to Malkangiri on Sunday on transit remand after being produced before a local court, police said.
Police said Tripathy had been duping individuals by promising high returns on investments in the share market. The arrest follows a case registered in Sept 2024 at Malkangiri police station by a local fruit trader, Jitendra Patra.
IIC of Malkangiri police station, Rigan Kindo, said the complainant had met the accused in 2017 when Tripathy regularly visited his shop. Introducing himself as a commodity trader from Cuttack operating in Malkangiri, Tripathy allegedly convinced Patra to invest in a trading venture with a promise of 20% returns within three months.
“After receiving initial profits, the complainant was persuaded to invest more money over time, eventually contributing Rs 80 lakh in several instalments,” Kindo said.
However, the accused later failed to return the money and began making excuses, including claims that his trading account had been blocked and demanding an additional Rs 22 lakh to reactivate it. He later sought another Rs 10 lakh citing issues related to PAN and Aadhaar verification, and the need to open an IPO account.
Despite repeated pleas, Tripathy refused to provide any account details and ultimately went on the run, prompting the victim to approach the police.
“On the basis of compelling evidence, the accused was traced to Assam and arrested following due legal process,” Kindo said.
Preliminary investigation revealed that Tripathy is involved in at least five financial fraud cases in the district, with the total amount estimated at Rs 3 crore.
Police have issued an advisory urging the public to remain vigilant against investment offers promising high returns and reiterated its commitment to cracking down on financial fraudsters.