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BBM student arrested on charges of duping investors in Odisha

Bhubaneswar: The special crime unit of the Commissionerate Police today arrested a Final Year BBM student of a reputed Management Institute on charges of duping investors in Odisha.

The arrested student has been identified as Atmajyoti Nayak of the Airfield Police Station area of Bhubaneswar.

“On 05.2.24 Special Crime Unit, BBSR-CTC had registered a case of fraud on the written report of one lady of Chintamaniswar of Bhubaneswar. In her report, the complt has mentioned that being allured with the high sounding advertisement in Social Media regarding a comp any, Imperial Investor, she along with nine persons invested all together Rs 1.11.Cr. The company assured them to return 10 % to 15 % interest every month on the principal money. Being allured she along with others invested their hard earned money in the company. Initially the complt along with few got back some interest but later the accused didn’t return the money and absconded,” the Commissionerate Police said in a press release.

“Atmajyoti Nayak, operating under the guise of the Imperial Investor, targeted unsuspecting individuals with promises of high returns on their investments. Through deceitful tactics and false representations through social media, Nayak convinced numerous investors to entrust their hard-earned money to him, only to betray their trust and misappropriate their funds for personal gain,” it added.

It further said the investigation has revealed a pattern of fraudulent activities perpetrated by Nayak, which has caused substantial financial losses to his victims. The fraudster opened a Company in the name of Imperial Investor for which he didn’t register in Register of Company, Cuttack. Further though the fraudster was running a Non Banking Financial Institution, he has not taken any permission from RBI, Bhubaneswar regarding this. Further investigation reveals that since last two years the fraudster was running this fraudulent business and the money which was taken from the investors was used by him in Share Trading for his personal gain.

The arrest of Atmajyoti Nayak marks a significant milestone in our efforts to hold perpetrators of financial fraud accountable for their actions and to seek justice for the victims affected by their schemes. We are committed to pursuing justice in this case and ensuring that Nayak is held accountable for his crimes to the fullest extent of the law.

Sources said that the accused would be produced before the local magistrate and the Crime Unit will pray for three days custodial interrogation for collection of more evidence in this case.

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