The Economic Offences Wing (EOW) of Odisha Police, on Saturday, arrested Pratap Kumar Rout, the state head of a multi-state investment firm, for allegedly defrauding thousands of investors across India.

According to sources, the company is accused of running a massive Ponzi-style scheme that collected over Rs 1,000 crore from more than 3 lakh depositors in ten states, including Rs 139 crore from over 12,000 investors in Odisha.

Rs 92 Lakh Lost Over False Promises

Sources cited officials of the EOW, who said that the case originated from a complaint by Bijay Kumar Panigrahy, who alleged that he invested Rs 92.6 lakh, his retirement savings, in a fund after being convinced by Pratap Rout to expect monthly returns of 11 to 18%.

Rout, posing as the Odisha coordinator, claimed the fund was

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