Bhadrak Man Falls Prey to ₹20 Lakh Cash Lure, Loses ₹5 Lakh to Conmen; 2 Arrested

Bhadrak: Bhadrak police arrested two fraudsters on Tuesday for allegedly duping a man of Rs 5 lakh by promising him a hefty return in smaller denominations. The victim, identified as Narayan Sethi, fell victim to a scam promising him Rs 20 lakh in return for an initial investment.

According to Sethi, he received a phone call on February 16 offering him Rs 20 lakh in cash, predominantly in Rs 100 and Rs 50 denominations, if he provided Rs 5 lakh in Rs 500 notes. The accused, identified as Bulu Pati and Priyaranjan Nayak, convinced Sethi that the scheme aimed to alleviate the scarcity of Rs 500 notes in the market.

Sethi, enticed by the offer, handed over Rs 5 lakh in Rs 500 notes near the Chandikhol-Paradip road toll gate. In return, the fraudsters gave him a box purportedly containing the promised cash. However, upon inspection at home, Sethi discovered only a handful of Rs 100 and Rs 50 notes, with the rest of the box filled with sand.

Distressed by the deception, Sethi filed a complaint with the Bhadrak police, leading to the arrest of the accused. Bhadrak SDPO Sourabh Ota revealed that the fraudsters targeted vulnerable individuals, enticing them with false promises via phone calls.

“The accused deceived me with the allure of Rs 20 lakh in smaller denominations in exchange for Rs 5 lakh in Rs 500 notes. Their manipulation led to a box filled with sand,” lamented Sethi.