Sambalpur: Major Fraud Allegations in Sambalpur; Chief Absconds After Collecting Over Rs. 1000 Crore from 400 Investors

Company Promises High Interest, Investors Lose Big

Sambalpur: A major financial fraud has come to light in Sambalpur city. Santosh Kumar Acharya operating in Kuluthkani, Mauli Nagar under Dhanupali Police Station, allegedly took more than 1000 crore rupees from over 400 investors and disappeared. On Sunday evening, the victims filed a complaint at the Dhanupali police station.

Company Director Disappears with Investors’ Money

Santosh Kumar Acharya, the company’s managing director, had promised investors a monthly interest of 3-7%. Many people deposited their money, expecting monthly returns along with a full refund of the principal amount at the end of the term. However, after collecting over 1000 crore rupees from more than 400 investors, Acharya fled without a trace.

Massive Number of Victims

Reports indicate that over 6000 people had invested in this company since its launch in 2013-14. Initially, the company paid interest regularly. However, after February 2024, it stopped returning money to the investors. For the last few months, investors have not received any payments, leading them to approach the police for help.

Investors’ Outrage at Police Response

Investors, led by Debabrata Panigrahi from Sundargarh district, revealed that Acharya recruited agents to collect deposits ranging from one lakh to one crore rupees from people across various locations. When investors visited the company’s office demanding their money, Acharya reportedly threatened them, saying, “I have no money, do whatever you want.” Soon after, he disappeared. Many investors were shocked by the police’s response, as they were told to report the fraud to their respective local police stations instead of receiving immediate assistance.

Investors Suffer Huge Losses

One of the victims, Om Patel, a former soldier from Sundargarh, sold 10 decimal land and invested 20 lakh rupees in this company in June 2024. He only received 1.10 lakh rupees in interest before the company stopped payments. Several women also reported losing their savings. Some had even pawned their gold jewelry to invest in the scheme, hoping for higher returns. Now, they are struggling to pay off their bank loans.

How Did Authorities Miss the Warning Signs?

Despite operating in Sambalpur city for years, authorities failed to detect the fraudulent activities of company. Investors are questioning how such a large-scale scam remained unnoticed for so long. On Sunday, hundreds of victims gathered at Dhanupali police station to file complaints. They also plan to escalate their grievances to the Chief Minister, the State Economic Offense Wing, and the Crime Branch for further action.

Investors Demand Justice

With many families facing financial ruin, investors are urging the government and law enforcement agencies to take immediate steps to recover their money and bring the culprits to justice.