Financial Fraud / Bhubaneswar Man Dupes Investors of Crores in Stock Market Scam

Bhubaneswar, Sep 2: A massive financial fraud has come to light in the capital city, where a man allegedly duped dozens of people by promising high returns from stock market investments.

The accused, identified as Kanhu Charan Goud, is now absconding after swindling crores of rupees from unsuspecting investors, including bank employees and software professionals.

Victims have lodged complaints with the Economic Offences Wing (EOW), alleging that Gouda lured them with promises of hefty interest on their deposits.

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He reportedly convinced people to invest in the stock market through his scheme, assuring quick profits. Once he gained their trust, Gouda collected large sums and disappeared without a trace.

Among those cheated is a couple from Chandrasekharpur who have been selling dahi‑bara for years. Lakshmidhar Nayak, one of the victims, said Goud befriended him and persuaded him to invest ₹5 lakh initially, later extracting over ₹20 lakh with the promise of higher returns. “We lost everything. Our life savings are gone, and we can’t sleep at night,” Nayak said tearfully.

Victims claim Goud’s modus operandi resembled that of chit‑fund scams — offering unrealistic interest rates to attract deposits, then vanishing once the money was collected. Many investors, drawn by greed for quick profits, ended up losing their entire savings.

EOW officials have begun an investigation based on multiple complaints. Preliminary findings suggest Goud operated a well‑organized network, targeting people from different professional backgrounds. Authorities are tracing his financial transactions and suspect he may have fled the state.