Finance co manager held for duping retd cop of Rs 1cr
The accused, Ganesh K Setty (48), was arrested following a complaint filed with crime branch's cyber cell on April 20.
"The accused is part of a bigger gang that initially allowed small investments to yield profitable returns, thereby gaining the victim's trust," a crime branch officer said.
You Can Also Check:
Bhubaneswar AQI
|
Weather in Bhubaneswar
|
Bank Holidays in Bhubaneswar
|
Public Holidays in Bhubaneswar
According to investigators, the scammers approached the victim through a social networking site, promising substantial returns on investments.
After witnessing profits on smaller investments, the retired inspector was persuaded to invest larger sums.
"He was convinced by the initial returns and invested more. When he tried to withdraw after investing Rs 1 crore, he couldn't access his money," the officer said.
Crime Branch officers said that a significant portion of the defrauded amount was traced to Setty's account.
In a related development, the crime branch also arrested two individuals from Pune and Mumbai — Swapnil Goraksha Dhokale (38) and Shafiq Ajmuddin Shaikh (32) — for allegedly cheating a doctor of Rs 6 crore in a similar investment scam.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
21 minutes ago
- News18
Venture Capitalist Alleges Indian-origin Startup Founders Faked Ties With Tech Giants To Lure Investors
Ash Arora's claims of misconduct by two Indian-origin founders have sparked a social media debate on startup ethics. US-based venture capitalist Ash Arora has alleged serious misconduct by two Indian-origin startup founders, claiming they misrepresented their businesses to lure investors. These allegations have sparked both criticism and introspection across the startup community. In a post shared on X (formerly Twitter), Arora, a partner at LocalGlobe and a Forbes 30 Under 30 (Europe Finance) listee, said, 'Have met two founders in SF this month. Both fraud: 1. Is subletting a rented apartment and showing that as revenue for his startup. 2. Is claiming Amazon and Google are clients who have signed LOIs when they have never even heard of them," she wrote. What truly lit the fuse, however, was Arora's follow-up remark, where she wrote, 'What's common among them? Both desi men. Beware of these people!" This characterisation quickly ignited debate online. While the underlying concern about startup ethics struck a chord with many, others took issue with her framing, accusing her of reinforcing stereotypes based on ethnicity. A sample of two. What's the point of including their race ?— bubble boi (@bubblebabyboi) July 8, 2025 Another user wrote, 'The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff." The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff.— Dan (@salinasdanielf) July 8, 2025 'Generalise a race off of a sample set of 2? Why would a brown male founder even want to take your money? Do better," read one of the comments. Generalize a race off of a sample set of 2?Why would a brown male founder even want to take your money? Do better. — Vishal Jain (@vishal_the_jain) July 9, 2025 Arora, though, stood by her words. She clarified that her use of the term 'desi" was intended to subtly point to the individuals without directly naming them. 'It breaks my heart that Indians are doing this and ruining the reputation of my country," she replied to one of the comments. Because it breaks my heart that Indians are doing this and ruining the reputation of my country— Ash Arora (@asharoraa) July 8, 2025 The conversation escalated further when Arora revealed that a few investors reached out to her. '4 VCs have pinged me correctly guessing both these founder names. Is this Soham Parekh 2.0? We need a BS radar community out here," she wrote, referencing the now-infamous case of Soham Parekh, an engineer who was recently accused by Mixpanel co-founder Suhail Doshi of fabricating parts of his resume and misrepresenting his background. 4 VCs have pinged me correctly guessing both these founder namesIs this Soham Parekh 2.0? We need a BS radar community out here. — Ash Arora (@asharoraa) July 8, 2025 The timing of Arora's remarks, coming just days after Suhail Doshi publicly called out Soham Parekh, has further heightened scrutiny over how startup founders portray themselves and their ventures to investors. While the identities of the two founders remain unknown, the post has reignited concerns about ethical standards in startup culture, especially within Silicon Valley's competitive ecosystem. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
37 minutes ago
- Time of India
'Ring, bangles, necklace': Sonam's brother returns jewellery gifted by Raja Raghuvanshi's family; 2 co-accused granted bail
INDORE: Govind Raghuwanshi, brother of Sonam Raghuvanshi accused of murder of her husband Raja, has returned the jewellery worth around Rs 16 lakh to Raja's family. The ornaments, which included a gold ring, bangles, and a necklace, were gifted to Sonam during her wedding. Before leaving for Shillong, Sonam had left the jewellery at her parental home, taking only her mangalsutra and ring with her - both of which are currently in the custody of Shillong police. Govind handed over the jewellery through the Rajendra Nagar police station, stating that he had no claim over them as they were gifted by Raja's family and it rightly belonged to them. "It is only fair that they are returned to those who gave them," Govind said. Meanwhile, Sonam's family has declined to take back any of the gifts or cash they had given to Raja at the time of the wedding. Sonam's father said, "We gave our daughter away in marriage - it was a kanyadaan. We will not take back what we have given." 2 co-accused get bail in Raja murder case The court of first class judicial magistrate DKK Mihsill has granted bail to two of the alleged co-accused in the Raja Raghuvanshi murder case. Assistant public prosecutor Tushar Chanda said owner of the flat in which Sonam was staying in Indore after fleeing Meghalaya, Lokendra Tomar, and security guard Balbir Ahirbar secured bail after their judicial custody ended on Wednesday. He added the state had opposed the bail, but the court had granted the same on certain hearing was held via video conference.
Hans India
an hour ago
- Hans India
FSDA suspends 133 drug licences, cancels 20 in June
Bengaluru: Enforcement officers of the Karnataka Food Safety and Drug Administration department have suspended 133 drug licences and cancelled 20 drug licences in June for violations of the provisions of the Drugs and Cosmetics Act, officials said on Friday. The move was initiated after the officials concerned conducted 2,544 inspections over the last month, they said. According to the department, drug-testing laboratories in Bengaluru, Hubballi and Ballari analysed 1,333 samples in June. Among those, 1,292 samples were declared as 'Standard Quality' and 41 as 'Not of Standard Quality'. From April to June, the enforcement officers filed a total of 81 cases in courts against firms that violated the provisions of the Drugs and Cosmetics Act, 1940 and the Rules thereunder, the department said. The department has ensured that 'Not of Standard Quality' drugs worth more than Rs 40 lakh were recalled from the market and seized. A special drive was conducted across the blood centres in the state and a total of 122 such centres were inspected. Based on the various violations observed, show-cause notices were issued to 44 blood centres and compliance letters were issued to 80 blood centres,' the department said in a statement. According to the statement, in compliance with the Food Safety and Standards Act, 2006, food safety, quality and hygiene aspects were inspected across the state, covering 1,557 street-food vendors, in June. Notices were issued to 406 establishments where violations were identified and fines totalling Rs 44,500 were imposed on the spot, the statement added.
