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EOW NABS PONZI FIRM STATE HEAD
Orissa POST
|October 19, 2025
The Economic Offences Wing (EOW) of Crime Branch claimed to have arrested the Odisha head of ‘Hedgex Fund’ —a firm accused of duping around three lakh depositors in 10 states to a tune of over ₹1,000 crore on the promise of hefty returns - from Cuttack Saturday.
Pratap Kumar Rout has been booked under Sections 420, 467, 468, 471, and 120-B of the IPC, 4, 5, and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 66(D) of the Information Technology Act, and 21(1)(3) and 23 of the Banning of Unregulated Deposit Schemes Act, the investigating agency said in a media statement. The case was registered on the basis of a complaint filed by Bijay Kumar Panigrahy, who alleged that he invested ₹2.6 lakh in ‘Hedgex Fund’, whose designated partners include Dinesh Kumar Jain.
This story is from the October 19, 2025 edition of Orissa POST.
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