
Man swindles engineer of over Rs 8L through fraudulent scheme
2
3
Bhubaneswar: The cyber crime and economic offence (CCEO) police in Bhubaneswar on Tuesday arrested a 27-year-old man for allegedly defrauding a systems engineer from Bengaluru of Rs 8.32 lakh through a
fraudulent investment scheme
. The accused, Swastik Nayak, resides in Infocity area and is employed with a private organisation here.
According to police, the 26-year-old victim, also from Bhubaneswar, knew the accused personally. Last year, Nayak convinced her to join a pyramid-structured multi-level marketing organisation, with assurances of swift returns on investment. The victim, trusting their personal connection, invested a substantial amount in the scheme.
"The accused exploited the victim's trust and convinced her to invest in what turned out to be a fraudulent scheme. We are investigating if more people have fallen prey to this scam," said DCP Jagmohan Meena. The victim, unaware of the deception, invested Rs 8.32 lakh in the bogus company and subsequently lost her funds. She filed a police complaint on April 22.
Police investigations revealed that the accused allegedly misappropriated her money by presenting himself as a key associate of a Hong Kong-based financial organisation. "The organisation had previously conducted illegal money circulation operations disguised as direct selling multi-level marketing. The scheme required members to make substantial investments and recruit additional participants to receive commissions and bonuses. Such chain structures inevitably collapse at some point, causing significant losses to investors, while only those who joined initially potentially receive financial benefits," another police official said.
The CCEO has advised citizens to be cautious of investment schemes promising unrealistic returns and to verify the legitimacy of such schemes with appropriate financial authorities before making any investments.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
34 minutes ago
- Time of India
KRIDL scam: Ex-clerk with Rs 15,000 salary amassed assets worth Rs 30cr
1 2 Koppal: Kalakappa Nidagundi, a former outsourced clerk at the Karnataka Rural Infrastructure Development Limited (KRIDL) office in Koppal, is alleged to have amassed assets approximately worth Rs 30 crore over two decades — despite earning a modest monthly salary of Rs 15,000. The corruption came to light on Thursday when Lokayukta officials carried out a raid at Nidagundi's residence in Pragati Nagar. The raid, as part of the investigation into the misappropriation of Rs 72 crore in KRIDL, unearthed massive assets including 24 houses, six plots, over 40 acres of agricultural land, more than 1kg of gold jewellery, and multiple vehicles, with documents pointing to further illegal assets. Following instructions from KRIDL MD Basavaraju, executive engineers Anil Patil (from Koppal office) and Anand Karlakunti (from the Nelogipura subdivision) filed complaints against former executive engineer Zaranappa M Chincholikar and Nidagundi. In response to the complaint, Lokayukta officials commenced their raid at Nidagundi's residence at 6am. The investigations also uncovered properties registered under the names of his wife and brother. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Experience next-level CPAP comfort with Resmed AirSense 11 ResMed Enquire Now Undo The accused parties allegedly fabricated documents and invoices for 96 projects — including sewerage, road, and drinking water initiatives across several villages in the district — from 2019 to 2025. The fraudulent projects include 19 in Kanakagiri, five in Gangavathi, four in Yelburga, and 68 in Koppal taluk, misappropriating grants worth Rs 72 crore. While Kalakappa was dismissed from service a few months ago, Chincholikar managed to retain his position following a court order, despite an earlier termination. Koppal MLA K Raghavendra Hitnal confirmed the involvement of Nidgundi and cement supplier Amaresh Yambaladinni in collusion with Chincholikar. He assured that the govt would thoroughly investigate all related works and take appropriate action against those found guilty.


Time of India
39 minutes ago
- Time of India
Court fines plaintiffs for abuse of law in property ownership suits
Ahmedabad: A city civil court on Thursday imposed a fine of Rs 25,000 each on the plaintiffs in two separate civil suits for attempting to wrongfully obtain ownership declarations for properties located in the Maninagar area. One suit was filed by two brothers, Pratap Davda and Naresh Davda, while the other was filed by M C Thomas. Both had named Lalabhai Bharwad as a defendant in their respective suits. The plaintiffs claimed that they had purchased the properties in 1995 and had been in undisturbed possession ever since. Bharwad also stated that the plaintiffs — the Davdas and Thomas — had purchased the properties from him through notarised documents. All parties acknowledged that the plaintiffs had been occupying the properties for over 30 years. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad However, Auxiliary Chamber Judge P N Navin dismissed both suits and imposed a fine of Rs 25,000 on each plaintiff, stating: "The plaintiffs have abused the process of law in collusion with the present defendant. Costs of Rs 25,000 are imposed upon the plaintiffs." In dismissing the suits, the court cited "the strange behaviour" of the parties, noting that they relied on insignificant documents to establish ownership and failed to present any valid title deeds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo "The present suit appears to have been filed by the plaintiffs merely to obtain a favourable order to regularise their possession under the guise of adverse possession," the court observed. "The plaintiffs have shown the present defendant in the cause title only to create an illusion for this court. The plaintiffs have clearly abused the process of law."


Time of India
39 minutes ago
- Time of India
Trustee duped of Rs 85k in fake land deal for old age home
Ahmedabad: A 35-year-old trustee of an old age home in Naranpura has filed a police complaint alleging he was cheated of Rs 85,000 by two men who promised to allocate land for his trust under the guise of NGO support. The complainant, who jointly runs the old age home with his mother, told police that he received a call on July 25 from a man identifying himself as Vijay. Claiming to represent an NGO that supports old age homes, Vijay inquired about the trust's needs. While the trustee mentioned grocery requirements, Vijay instead offered help with land allocation and sent an office address near Sindhu Bhavan Road via WhatsApp. The following day, a man named Surendra visited the trustee and took him to inspect an open plot near Prahladnagar, claiming it was being donated to the trust. Surendra then demanded Rs 1.10 lakh as legal and stamp duty charges, assuring that the amount would be refunded within three days. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad On July 29, as instructed, the trustee travelled to Gandhinagar with his mother and a relative. During the supposed registration process, Surendra collected Rs 85,000 from him, citing documentation expenses. However, shortly after receiving the money, Surendra vanished, blocked the trustee's number, and became unreachable. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo Vijay's phone was also found switched off. Realising he had been duped, the trustee filed a complaint with Naranpura police, accusing the two of cheating and breach of trust. Police have launched an investigation and are verifying the suspects' identities and mobile phone records.