Bhubaneswar: The city police on Sunday arrested a man for allegedly duping his relative, a retired railway official, of Rs 89 lakh by posing as the owner of a leading textile company in Hyderabad and promising him a 60% stake in the business.Accused Tapan Kumar Das (37) allegedly gained the confidence of the victim, Samarendra Jena (63), by claiming that he ran a flourishing garment business and had an elite clientele from the corporate sector and film industry, police sources said.Jena had lodged a complaint with Maitri Vihar police on Saturday, following which they launched an investigation and arrested Das on Sunday evening.“During the probe, we found that the accused and complainant are relatives. Das approached Jena in 2023 with a business proposal. He claimed to have strong connections in the corporate sector and film industry, and persuaded the complainant to invest in his purported company,” a police officer said.According to the police, Das promised that the business would soon expand overseas, convincing Jena to invest substantial amounts.“Between May 2023 and Sept 2025, the complainant transferred Rs 68 lakh through digital transactions and handed over another Rs 21 lakh in cash to the accused. When the promised stake did not materialise, he sought clarification and demanded his money back,” the officer said.Jena alleged that Das threatened him when he repeatedly sought a refund of the investment.Police later found that Das did not own any such company. Police suspect he targeted Jena after learning that the retired official had received substantial retirement benefits in 2023.During interrogation, Das denied cheating Jena and claimed the money was a loan meant for business purposes. “The accused stated that he repaid Rs 36 lakh and could not return the remaining amount due to financial losses and bankruptcy. We are verifying his claims and examining the financial trail,” the officer said.
