Police have uncovered a massive financial fraud involving a fake trading company, with losses estimated to be over ₹20 crore. The scam was revealed following an investigation by the Sambalpur police.
The arrested accused is Madhusudan Barei (36), who ran a fraudulent company named 'AA Enterprises'. Sambalpur SP Mukesh Kumar Bhamu reported that Barei lured investors by promising a monthly interest rate of 10 percent on their principal investment.
Barei reportedly cheated at least 47 people by depositing the collected funds into multiple bank accounts held by his family members before absconding. Police have seized bank passbooks, mobile phones, and computers related to the crime. Authorities suspect more individuals may be involved in the large-scale scam.