Trio Busted for Investor Fraud in Koraput

Three individuals were apprehended for allegedly defrauding an investor of Rs 10 lakh by promising high returns. They established a fake company, initially offering a 7% return to deceive the investor. Police have seized their accounts, recovering partial funds, with the victim receiving some compensation.

Authorities have apprehended three individuals for allegedly swindling an investor out of Rs 10 lakh by promising exaggerated returns on his deposits, police reported Sunday.

The arrests took place in Jeypore town of Koraput district and Khurda. According to Bhubaneswar DCP Jagmohan Meena, the trio established a fraudulent company to lure investors, initially offering a 7% return to gain trust.

The victim invested Rs 10 lakh and was subsequently defrauded. Authorities have frozen the bank accounts of the accused, recovering Rs 5.30 lakh. Additionally, the victim successfully obtained Rs 3 lakh after bringing the matter to court.

(With inputs from agencies.)