Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has seized a large number of movable assets, including several high-end vehicles, in connection with a major cheating case involving an accused from Bhadrak district, officials said on Tuesday.
The accused, identified as Rama Narayan Bal, was arrested on October 29 this year following an FIR lodged by one of the victims. He is currently in judicial custody. According to the EOW, Bal posed as an officer of a nationalised bank and duped multiple people by promising to facilitate the purchase of bank-auctioned properties that had been seized due to loan defaults.
Investigators said Bal allegedly cheated nine people, including the complainant, of more than ₹20 crore through the fraudulent scheme.
During police remand and subsequent interrogation, it emerged that the accused had converted the proceeds of the crime into substantial movable assets, registered both in his own name and in the names of his relatives.
Acting on these findings, EOW officials conducted simultaneous raids on December 20 at Bal’s residential and business premises in Bhadrak and Bhubaneswar. The searches led to the seizure of 10 vehicles, 144 mobile phones, and sound systems, among other items.
Further investigation is underway to trace additional assets and identify possible associates involved in the fraud.
