Money doubling scam in Odisha, Rs 28 lakh cash looted

Berhampur: A money-doubling scam operating in Odisha’s Berhampur City has been dismantled by the police, resulting in the apprehension of five individuals implicated in the fraudulent scheme. These individuals allegedly swindled Rs 28 lakh from two businessmen by deceiving them with counterfeit notes valued at over Rs 40 lakh.

Berhampur Superintendent of Police (SP) Dr. Sarvana Vivek M disclosed details about the fraudulent operation during a press briefing. The accused had established a company named ‘Trade Profit Fund’ and approached two local businessmen, enticing them to invest in the company with promises of doubling their money within a short span.

Subsequently, the accused handed the businessmen counterfeit notes totaling over Rs 40 lakh, comprising 8,000 notes in the denomination of Rs 500, and absconded with Rs 28 lakh in legitimate cash, stated the SP.

Following a complaint from the victims, law enforcement initiated an investigation that led to the arrest of five members of the gang, all residents of Odisha. However, efforts are ongoing to apprehend the remaining three gang members who are currently evading capture and are believed to hail from outside the state, added the SP.

Authorities have confiscated the counterfeit currency amounting to over Rs 40 lakh, along with five mobile phones and two bags from the possessions of the arrested individuals. The police continue their comprehensive investigation into the matter.