The Economic Offenses Wing (EOW) of Odisha Police has taken a major step by arresting Pratap Kumar Raut, the state head of a multi-state investment company. Raut stands accused of swindling more than 10 billion rupees from thousands of investors nationwide.
According to EOW officials, this company was registered in Goa in 2023 and lured investors with promises of monthly returns ranging from 11% to 18% under the guise of forex trading. It managed to amass funds from over 300,000 individuals across 10 states, with 12,000 investors from Odisha alone contributing 1.39 billion rupees.
Case details emerged when a man named Bijay Kumar Panigrahi filed a complaint stating that he vested nearly 9.26 million rupees, his entire retirement savings, into the company. Initially, the company dispensed some interest, but soon ceased operations, blocking its website and customer service. Despite Raut's ongoing assurances, refunds were never provided.
Funds were shuffled; bank accounts continuously changed
EOW's investigation revealed that the company held grand promotional events in Cuttack and Bhubaneswar, earning the trust of its investors. Subsequently, it vanished along with the investors' money. Probes also highlighted that Raut transferred funds via multiple fake accounts and the hawala network, frequently changing bank accounts to evade detection.
The scam is widespread, affecting Odisha, Andhra Pradesh, West Bengal, Assam, Madhya Pradesh, Uttar Pradesh, Rajasthan, Gujarat, Tamil Nadu, and Delhi. EOW is now identifying others connected with the funds trail and network. Authorities indicate more arrests could follow.
The investigation is ongoing, and authorities are determined to trace the entire network involved in this massive financial swindle.
