Bhubaneswar, Feb 24: The Economic Offences Wing (EOW) of Odisha Police has arrested a man for allegedly defrauding people by promising to double their investments within 10 months, authorities said.
The accused, Dhanajaya Sahoo, was apprehended in Hyderabad and brought to Odisha on remand on Monday. A case has been filed against him under various sections of the Indian Penal Code (IPC) and the Banning of Unregulated Deposit Schemes Act.
Dhanajaya’s arrest followed a complaint from Govinda Chandra Sahoo of Jajpur district, who had invested money with Mutual Alliance Global Private Limited, a company owned by Dhanajaya. Investigations revealed that between 2011 and 2021, Dhanajaya had founded at least five companies: Goodland Happy Home Infra Ltd., Goodland Construction Pvt. Ltd., PURIFIO Technology Pvt. Ltd., Coinex Technology Pvt. Ltd., and Mutual Alliance Global Pvt. Ltd., where he held the position of managing director.
Through these companies, Dhanajaya enticed investors with promises of high returns, claiming the funds would be reinvested in real estate marketing, blockchain-based real estate projects, e-commerce, and online gaming ventures. In 2020, he launched his latest company, Mutual Alliance Global Pvt. Ltd., operating from the Chintamaniswar Temple in Bhubaneswar.
The ongoing investigation indicates that between 2020 and 2021, Dhanajaya amassed approximately Rs 5 crore in unregulated deposits from about 200 investors. The victims hailed from several districts, including Cuttack, Khordha, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj in Odisha.
Authorities have seized multiple incriminating items from the accused, including a laptop, mobile phone, pen drive, bank account documents, ATM cards, and a passport. Further investigation has also revealed that Dhanajaya traveled to countries such as Dubai, Thailand, and Germany.
