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Two Gujarat-based bizmen arrested in Sambalpur district…

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activePonzi / Investment SchemeOdisha

Two Gujarat-based bizmen arrested in Sambalpur district for Rs 1,000 crore ponzi scam

Two businessmen from Gujarat were arrested in Sambalpur district, Odisha, for their alleged involvement in a massive ponzi scheme worth approximately Rs 1,000 crore. The accused individuals, identified by police as Dhabal Govindbhai Patel and Hiren Mukeshbhai Saha, reportedly floated a company named 'Punewala' and collected funds from investors through a software application. According to investigators, the duo allegedly cheated investors of around Rs 600 crore in Gujarat and about Rs 400 crore in Rajasthan.

State

Odisha

First reported

September 2026

Agency involved

Amreli district cyber police (Gujarat) and Sambalpur police (Odisha)

Arrests

Two businessmen from Gujarat

Status

Arrested by a Gujarat police team in Sambalpur with local assistance and taken back to Gujarat

The full story

Everything you need to know about this case, in one place.

A formal complaint regarding the fraud was lodged at the Amreli district cyber police station in Gujarat, prompting law enforcement to launch a formal investigation. During the probe, authorities discovered that the suspects had fled to Odisha to evade capture. The Gujarat police alerted their counterparts in Odisha, leading to a coordinated inter-state operation. Sambalpur police traced the suspects to the Sadar police station area.

A visiting Gujarat police team, working alongside local Odisha officers, intercepted the two men as they attempted to flee in a car along Tumbesingha road. Following their arrest, the vehicle was seized by the local police, and the accused men were transported back to Gujarat for further legal proceedings.

Not yet reported: The reports do not specify the total number of individual victims or the specific legal charges and sections filed against the accused.

Where the case stands

The latest position in the reports we read.

The two accused men were arrested by a Gujarat police team in Sambalpur, Odisha, with local police assistance, and have been taken back to Gujarat for further investigation.

Who was affected

Described in general terms; we do not name victims.

Investors residing in the states of Gujarat and Rajasthan who put money into the fraudulent scheme.

Timeline

Key dates as reported, oldest first.

September 2A formal complaint regarding the ponzi scheme was registered at the Amreli district cyber police station in Gujarat.

Shortly after the complaintPolice investigation revealed the suspects had travelled to Odisha and were hiding there.

SaturdayA Gujarat police team arrived in Sambalpur and intercepted the two accused men while they were attempting to flee in a car.

How the scam worked

The method described in the reports.

The accused floated a company called 'Punewala' as a front for the investment scheme.
They utilized a specialized software to collect money from investors across multiple states.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

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Keep reading

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

newindianexpress.comOriginal report The New Indian Expressnewindianexpress.com Two Gujarat-based bizmen arrested in Sambalpur district for Rs 1,000 crore ponzi scam - The New Indian ExpressThe New Indian Express · 15 Sept 2026

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.