In a major breakthrough, the Commissionerate Police’s Special Crime Unit has arrested notorious fraudster Ramesh Majhi for allegedly duping over 20 businessmen in the name of gold trade.
According to police, Majhi promised his victims pledged gold and gold biscuits from banks, luring them with the prospect of buying auctioned gold at lucrative prices. Believing his claims, several businessmen invested crores of rupees over the last five years.
However, after collecting the money, Majhi neither delivered the promised gold nor returned the investments. When victims demanded their money back, he allegedly resorted to threats, warning them of false caste-based cases and even hiring local goons to issue death threats.
While Majhi’s family has dismissed the allegations as baseless, police sources confirmed that the investigation is ongoing. Officials are now trying to identify others who may have fallen prey to the racket.
The estimated fraud amount is over Rs 20 crore, making it one of the largest gold investment scams in recent years in the region.
“He had reached out to me and told me that he was involved in the auction of gold in banks. When customers failed to pay the EMI, he would buy the gold during the auction and later resell it. However, he later started to threaten me. His father is threatening me even now,” alleged a victim.
“He has a transaction of over 20 crore. All the victims are searching for him now,” he added.
However, the father of the accused refuted the allegations, claiming that his son was innocent.
“Bholanath Mohanty alias Papu, a builder, would give the black money to my son as he could not keep it in the bank. My son was working under him. They have also obtained my signature by force. All I can say is that my son has been trapped,” the father of the accused stated.
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