Infocity Police have arrested the alleged mastermind behind a ₹3.5 crore investment and vehicle service centre fraud after he was reportedly caught while attempting to flee to Nepal. The accused, Sachidanand Bhoi, was apprehended from a hotel near the Indo-Nepal border and brought to Bhubaneswar after police obtained a four-day transit remand from a court in Siliguri.
Investors Lured Through Franchise Promises
According to investigators, Bhoi operated automobile service centres under the brand name “Go Speedy Go” in Patia and Khandagiri in Bhubaneswar, as well as in Ganjam district. Police said he allegedly used the names of influential individuals to build credibility for the business.
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Investigators said Bhoi directed his employees to approach relatives, friends and acquaintances and persuade them to invest in the venture. The investors were allegedly promised attractive returns, business partnerships and franchise opportunities.
Police alleged that franchise fees ranging from ₹1.5 lakh to ₹2 lakh were collected from each investor. The accused is suspected of raising nearly ₹3.5 crore within about two months before abruptly shutting down all offices and disappearing.
Around 150 to 200 Victims Suspected
Following complaints from victims, police launched an investigation and found that around 150 to 200 people had allegedly been duped through the scheme. The business model was allegedly presented as a franchise and investment opportunity linked to vehicle service centres.
Investigators said the accused had created trust among investors before collecting money from them. The sudden closure of offices and disappearance of the accused triggered complaints and further police action.
Police are now examining whether similar investment or franchise schemes were operated in other states. The financial transactions, bank accounts and possible role of associates are under scrutiny.
Multiple Cases Already Registered
Investigators said Sachidanand Bhoi is a habitual offender with at least seven cases already registered against him across Odisha. These include cases at Saheed Nagar Police Station, Pahala Police Station, the Special Crime Unit, the CID Crime Branch and proceedings before the District Consumer Disputes Redressal Commission in Jharsuguda.
Police are questioning the accused to trace the movement of funds and identify others who may have helped run or promote the alleged fraud. Further investigation is underway.
Cybercrime expert and former IPS officer Professor Triveni Singh said investment and franchise fraudsters often exploit the promise of unusually high returns to gain trust. He advised people to verify company registration, financial records, legal documents and business claims before investing.
