SAMBALPUR: In a major breakthrough in a large-scale financial fraud probe, Odisha Police on Thursday apprehended a man accused of orchestrating a sprawling investment racket that allegedly cheated numerous individuals of nearly ₹50 crore. Officials said the arrest marks a significant step forward in unraveling a network that lured people with the promise of unusually high financial returns.
The arrested individual has been identified as Madhusudan Baral, aged 36, a resident of the Khetarajpur police station limits in Sambalpur district. According to preliminary information shared by the police, Baral had been under the scanner for several months after multiple investors began reporting suspicious activities linked to his schemes.
The case originated from a detailed written complaint lodged by an investor at the Sambalpur Sadar Police Station. The complainant alleged that Baral had convinced him—and many others—to invest substantial sums of money with assurances of quick profits and guaranteed returns. However, after months of delay, the promised payouts never materialised, raising doubts about the authenticity of the entire operation.
Investigators said Baral allegedly ran the scheme by projecting himself as a credible financial advisor. He reportedly approached potential investors with claims of expertise in high-yield market instruments and business ventures, giving an impression of legitimacy. Police sources revealed that he allegedly used sophisticated presentations, verbal assurances, and fabricated documents to win the confidence of his targets.
As more complaints surfaced, the police initiated a deeper inquiry, which eventually pointed toward a structured investment fraud. Officers stated that the total amount involved could be even higher than early estimates once all affected victims come forward. The arrest, they added, is expected to open doors for uncovering additional layers of the operation, including possible associates or financial channels used to divert the funds.
Following his arrest, Baral was taken into custody for interrogation to determine how the investors’ money was collected, where it was routed, and whether the scheme extended beyond Sambalpur. The police have also begun the process of identifying other victims and gathering further documentary evidence to strengthen the case.
Authorities have urged people to exercise caution while investing and to verify the credentials of individuals or companies promising unusually lucrative financial returns. They emphasized that the investigation is ongoing and more revelations are likely as the inquiry progresses.
