Odisha Grocery Retail Scam: EOW Nabs Accused For Defrauding Investors of ₹12 Crore

Bhubaneswar: The Economic Offences Wing (EOW) has arrested a man for swindling over Rs 12 crore from investors in Odisha. The accused, identified as Pankaj Kumar Parida, was arrested on charges of cheating and fraud.

Parida was allegedly involved in running a company called Armada Bazar Pvt Ltd, which promised investors high returns on investment in exchange for investments in grocery retail outlets and warehousing projects. However, the company failed to deliver on its promises, and investors lost their hard-earned money.

During the investigation, the EOW seized incriminating evidence, including laptops, mobile phones, authorization letters, and money receipts. The agency is also investigating the role of other individuals involved in the scam.

The arrest of Pankaj Parida is a reminder to investors to be careful before investing in any company. It is important to do your research and invest only in legitimate companies with a proven track record.