• Feedback
  • RSS Feed
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Odisha

Odisha: Fraudster Held In Rs 50 Cr Ponzi Fraud Case

OMMCOM NEWS by OMMCOM NEWS
May 28, 2024
in Odisha

Bhubaneswar:  The Economic Offence Wing (EOW) of Odisha Crime Branch on Tuesday arrested a person for duping several depositors in Odisha of over Rs 50 crore on the pretext of various Ponzi schemes, said an official here.

The accused was identified as Mohan Kumar Parida of Bhadrak district. Parida, an MBA graduate, is the Managing Director of M/s Way to Add India (P) Ltd. His wife is also the director of the sham private firm set up in 2020.

Parida was arrested on the basis of a complaint lodged by one Chitta Ranjan Palo of the Kalinga Nagar area in Bhubaneswar City. Palo alleged that Parida in connivance with other accused persons induced him to invest money to the tune of Rs 44.60 lakhs in various schemes of their company promising high interest, bonus, and commission. The accused persons reportedly had only given Rs 12,600 to Palo initially against his investment of Rs 44.60 lakhs.

“EOW found that Parida was actually running a Ponzi scheme in a pyramidic binary structure. The accused through his company floated different schemes like the autopool package and boosting package etc. From 2020 to 2023, he induced the gullible people to invest in the two schemes to get hefty returns i.e. 26 per cent per month consecutively for three months on the invested amount,” the EOW official added.

The official further stated that the company also used to offer a bonus of two per cent for investors for enrolling new members. A new member is required to join the schemes by depositing Rs 2500 which is non-refundable and after depositing the amount. The investor was later given one login ID under which he could further enrol three persons to get more commission/bonus.

The company to win the confidence of investors would initially give some money and Ayurvedic products of Rs 500 to them.

“Following the collection of more than Rs 50 crore from 2000 investors from Odisha, the accused Parida all of a sudden closed the schemes and fled away with the collected amount after closing the company office its registered office at Prachi Vihar in Rasulgarh area of Bhubaneswar city,” said EOW official.

The accused Parida was on Tuesday produced before the designated court under the OPID Act at Cuttack which sent him to 14-day judicial custody.

(IANS)

Tags: Economic Offence Wing
ShareTweetSendSharePinShareSend
Previous Post

Delhi L-G Orders ACB Probe Into Registration Of Nursing Homes After Hospital Fire Tragedy

Next Post

PM Modi’s Vibrant Roadshow Touches Three Iconic Destinations In Kolkata

Related Posts

heat-woes
Odisha

Odisha Sizzles: Mercury Soars To 40.6°C In Sambalpur

May 18, 2025
NIA Police Station
Odisha

Odisha Govt Establishes NIA Police Station In Bhubaneswar

May 18, 2025
Drown
Odisha

Two Drown In Separate Incidents In Odisha

May 18, 2025
Sambalpur Village
Odisha

Woman Stabbed To Death By Siblings In Sambalpur Village

May 18, 2025
Kathajodi River
Odisha

One Engineer Drowns, Another Missing In Kathajodi River In Cuttack

May 18, 2025
Cyber Fraud
Odisha

Prime Accused In Rs 7.68 Lakh Cyber Fraud Held In Bhadrak

May 18, 2025
Next Post

PM Modi’s Vibrant Roadshow Touches Three Iconic Destinations In Kolkata

Porsche Crash: Accused Of Destroying Evidence, Minor's Father And Grandfather Sent To Police Custody Till May 31

body

Three Die Of Food Poisoning In Rajasthan, 22 Hospitalised

Khimji
TPCODL
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.