Naba Kishore Mohapatra. Telegraph picture

Sambalpur, April 29: Sambalpur police has arrested a person who allegedly swindled crores of rupees from several people.

The accused, Naba Kishore Mohapatra, who runs an investment company, was absconding. Police nabbed him from Khetrajpur of Sambalpur.

Assistant superintendent of police Gopal Tripathy said: “Narayan Pati, a resident of Sadeipali of Burla and many others had complained to Burla police in December 2010. They had alleged that Naba Kishore Mohapatra (33) of Gopabandhu Nagar of Burla, proprietor of AM Financial, had presented himself as an expert of the finance market and collected crores of rupees from him and others.”

“He assured us that he would return monthly dividends for two years and after the expiry of the term, he would return the initial capital of the investor. He had also offered an agreement and issued post dated cheques to the investors,” said Tripathy.

After he collected the money, he closed down the office and had ran away.

A case was registered with Burla police station under section 420 of IPC.

“In order to nab Mohapatra and his associates, a special team was formed under the supervision of the superintendent of police. Police received information about the presence of the accused in Sambalpur and raids were conducted at different places in the city. The accused was nabbed from Khetrajpur during the raids.” said Tripathy.

“Preliminary investigations revealed that the accused had misappropriated at least Rs 18crore. However, the investigation is still on and the associates of the accused are yet to be traced,” said Tripathy.

“The accused did not pay the committed dividend and the cheques issued by the investment company bounced when produced at the bank,” said one of the complainants.

“When we went to AM Finance, we found the office to be closed and Naba Kishore Mohapatra, along with his associates, was absconding,” he added.“AM Financial has to pay back six crore rupees to its investors,” said Naba Kishore Mohapatra, the accused.

“If the recession had not effected the share market, the situation would have been different,” he added.

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Subrat Mohanty

Sambalpur, April 29: The Sambalpur police has arrested a person who was allegedly involved in collecting crores of rupees in fraudulent ways. The accused, Naba Kishore Mohapatra, who runs an investment company, collected money from many people nd was absconding. The Police nabbed him from Khetrajpur of Sambalpur yesterday evening.

Assistant Superintendent of Police, Gopal Tripathy, said “Narayan Pati, a resident of Sadeipali of Burla and many others had complained to the Burla Police on December 2010. They had alleged that Naba Kishore Mohapatra (33) of Gopabandhu Nagar of Burla, proprietor of AM Financial had presented himself as an expert of the finance market and collected crores of rupees from him and others.”

“He had assured us that he would return monthly dividends for two years and after the expiry of the term, he would return the initial capital of the investor. He had also offered an agreement and issued post dated cheques to the investors,” said Tripathy.

After he had collected the money, he had closed down the office and had ran away.

A case was registered with the Burla police station under section 420 of IPC .

“In order to nab the culprits and his associates a special team was formed under the supervision of the Superintendent of Police. The Police received information about the presence of the accused Naba Kishore Mohapatra in Sambalpur. And as per the information, the police conducted raids at different places in the city; and during the raids the accused was nabbed from Khetrajpur.” added Tripathy.

“Preliminary investigations revealed that the accused had misappropriated at least Rs 18 crores. However, the investigation is still on and the associates of the accused are yet to be traced,” said Gopal Tripathy.

“The accused did not pay the committed dividend and the cheques issued by the Investment Company bounced when produced at the bank,” said one of the complainants.

“When we went to the AM finance, we found the office to be closed and Naba Kishore Mohapatra along with his associates was absconding,” he added.

However, the accused Naba Kishore Mohapatra said, “The AM Financial is to pay back six crore rupees to its investors.”

“If the recession had not effected the share Market, the situation would have been different,” he added.(