EOW apprehends fraudster in high-profile investment fraud case

Bhubaneswar, May 21: The Economic Offences Wing (EOW), Bhubaneswar, has made a significant breakthrough in its investigation, apprehending Bimalananda Bhuyan, son of Rabindranath Bhuyan, from Indiranagar PS area, Lucknow. Bhuyan was arrested on May 18, 2024, under multiple sections of the Indian Penal Code, following EOW PS Case No.10 dated December 17, 2020.

The arrest stems from allegations by Bikash Podar of Sambalpur, who accused Bhuyan and his wife, Rammi Bhuyan, of defrauding 53 investors to the tune of Rs. 1.2 crore through their LLP, "Quick Click AD Media." The scam involved enticing investments for LED monitors purportedly for advertisements. However, investigations revealed that the accused absconded with the funds, having never purchased the promised LED monitors.

Operating out of Chhattisgarh and Odisha, the LLP attracted investors with lucrative schemes promising substantial returns. Bhuyan's educational background in marketing, coupled with his wife's involvement in the real estate sector, facilitated the scheme's execution and their evasion of authorities.

The arrest follows a prolonged period of absconding, during which Bhuyan ventured to Dubai and even established a company, "EMPIRE GLOBAL CAPITAL F.Z.E." Despite attempts to evade capture, incriminating evidence has been seized, and investigations are ongoing.