Man arrested in Bhubaneswar for over Rs 29 lakh fraud; wife absconding

According to reports from OTV, police in the Saheed Nagar area of Bhubaneswar have arrested a local man, identified as Niranjan Acharya, in connection with an alleged financial fraud scheme. Authorities state that the suspect is accused of defrauding more than 15 individuals of a total sum exceeding Rs 29 lakh.

Investigators allege that Acharya operated the scheme alongside his wife, who remains at large. The couple reportedly targeted victims by promising high financial returns through various investment vehicles, including chit-fund schemes and land development projects. To establish credibility with potential investors, Acharya allegedly misrepresented himself as an official working for the Odisha Power Transmission Corporation Limited (OPTCL).

Police officials noted that the victims were lured by the promise of quick and substantial gains through a private company managed by the couple. After collecting the funds, the suspects reportedly failed to deliver on their financial commitments, leading to the formal complaints that prompted the police investigation.

Local authorities have launched a search operation to locate Acharya’s wife as the investigation into the extent of the fraud continues. The Saheed Nagar police are currently processing statements from the complainants and examining the financial records associated with the private company involved in the case.