Sambalpur: Police on Monday arrested Santosh Kumar Acharya for allegedly orchestrating an investment fraud to the tune of Rs 100 crore, duping investors across western Odisha and neighbouring Chhattisgarh and West Bengal. A local court sent him to judicial custody on Tuesday.
Acharya (42), a science graduate and Balangir native, stays in Kuluthkani area of Sambalpur. The arrest came following complaints from over 400 investors, including one Debabrata Panigrahi from Sundargarh, who along with 100 others filed a formal complaint at Dhanupali police station on Feb 18.
Sambalpur SP Mukesh Bhamoo said the accused collected a substantial amount of deposits from gullible investors by promising them about 20% interest annually. “We are yet to ascertain the exact value of fraud. We suspect the pyramid-styled ponzi scam would run into nearly Rs 100 crore,” Bhamoo said, adding that “since it’s a white-collar crime, we will verify documents including his banking transactions and investments.”
According to the police, Acharya floated a company in 2013 which he claimed was a legitimate branch of a Bengaluru-based firm. he promised promising hefty returns to investors. Initially he paid returns on deposits, but that stopped in Feb 2024, with Acharya citing financial difficulties.