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Kerala man arrested from Koraput for 4.8 Cr fraud

8/04/2021 at 6:18 PM

Bhubaneswar, April 8: The Economic Offences Wing (EOW) has arrested one Alaga Muthu Sankar from Jeypore in Koraput district in connection with a 4.8 crores fraud case today.

A case was registered on the written complaint submitted by one Sri Jagannath Rao Doddamani of Karnataka, in the matter of cheating to him to the tune of about Rs. 4.80 crores and criminal misappropriation of those fund by the accused, Alaga Muthu Sankar of Kerala, presently staying at Jeypore, Koraput and his accomplices.

Investigation revealed that complainant, Jagannath Rao Doddamani of Karnataka is working as Senior Research Staff in Samsung Electronics in South Korea.

During the year 2017 he came across an online advertisement in website expatriates.com, floated by one AM Raghunath for investment in a movie namely ‘Shankara Puram’. He being interested, contacted with Raghunath, who in course of discussion offered him the proposal of investing in Granite business running in Odisha.

In the process, Raghunath introduced the complainant with his own brother, Alagu Muttu Sankar, the present accused, who allured the complainant to invest in Black Granite business run by his firm, “A.M. Sankar Granite Industry” at Boriguma in the district of Koraput, for getting high return and also to obtain fresh mining lease.

The complainant, trusting the version of accused Alaga Muthu Sankar invested about Rs 4.80 crores in phase manner till October, 2020 towards process of applying, granting/ investing in several mines of decorative stones, coals & iron ores etc. However, till date, he neither granted with any such licenses nor received any payment/ return.

It has been transpired during investigation that accused, Alaga Muthu Sankar with criminal intention to gain the trust of complainant had prepared series of fake letters purportedly issued by several highly placed officers of Govt. of Odisha as well as Govt. of India, pertaining to Dept. of Steel & Mines and Forest Department etc.

 The accused in furtherance of said criminal act prepared fake bank instruments as well as a false Application for License of Mines in the name of complainant and his wife and used those as genuine, whereas the fact remains that no such prospective license was granted in favour of the complainant or his wife.

Investigation of the case is continuing.

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