Sambalpur Police Bust Rs 50 Crore Share Market Scam, Key Accused Arrested
Sambalpur police have uncovered a massive share market fraud worth over Rs 50 crore, bringing relief to dozens of victims who were lured into fake investment schemes.
The accused, Madhusudan Barei of Chandan Nagar, was arrested after multiple complaints were filed against him.
Investigators revealed that Barei and his associates promised investors 10% monthly returns through fraudulent share market trading.
At least 47 people were duped, with funds deposited into accounts belonging to Barei’s family members and company fronts.
One victim, Rajkumar Panda of Putibandh village, reported losing Rs 30 lakh in the scam. Police raids on Barei’s office under the banner “A & A” led to the seizure of computers, hard disks, a printer, and documents.
Sambalpur SP Mukesh Kumar Bhamu confirmed that transactions worth Rs 20 crore have been traced so far, though the total fraud is estimated at Rs 50 crore.
Authorities believe more victims will come forward as the investigation progresses.
Police plan to take Barei on remand for further questioning and expect to arrest additional suspects linked to the racket.
Officials have urged citizens to remain vigilant and avoid schemes that promise unusually high returns, warning that such offers are often fraudulent.
