Odisha EOW Nabs Mastermind of ₹12 Crore Grocery Store Fraud From Agra

Cuttack: The Economic Offences Wing (EOW) of the Odisha Crime Branch successfully apprehended the mastermind behind a Rs 12 crore fraud involving a grocery store chain. The accused was brought from Agra to appear before the OPID court in Cuttack on Thursday.

The accused Director-cum-Owner of M/s Armada Bazar Pvt. Ltd. Parsuram Rajnetbhai Pal allegedly cheated investors under the promise of opening grocery marts and offering high returns. He was initially detained in Agra for another case but transferred to Odisha on a production warrant.

The arrest follows a complaint by Ruturaj Mohanty, alleging Pal and his associate Pankaj Kumar Parida of cheating him and his relatives of Rs 1.26 crore. The investment scheme promised establishment of grocery and daily utility item marts across Odisha under various names like Mini Mart, Super Mart, Hyper Mart, Mega Mart, and Super Mega Mart.

Parida, responsible for operations in Odisha and Jharkhand, was previously arrested and is currently in judicial custody. The company attracted investments with promises of 4% interest per month and 3% on billing amounts. However, after collecting over Rs 12 crore from Odisha investors, the promised marts were never set up, and the funds were not returned.

Pal’s fraudulent activities extend beyond Odisha, with reported cases in states like Jharkhand, J&K, UP, Gujarat, Delhi, Madhya Pradesh, West Bengal, Assam, Maharashtra among others.