Two major alleged financial fraud cases have surfaced in Chhattisgarh, with police launching investigations into investment schemes that allegedly duped thousands of people across the state. In one case, a Bhilai-based investment company is accused of cheating investors of more than ₹1,000 crore through promises of high returns from share trading and Gold Exchange Traded Funds (ETFs). In another case, police have arrested five people for allegedly defrauding 43 teachers of nearly ₹12 crore through fraudulent personal loan schemes.

Bhilai Investment Firm Under Scanner

The first case emerged from the Supela area of Bhilai, where police registered a case against Arena Capital and its promoters after multiple investors alleged that they were lured into investing with promises of 10% monthly returns and claims that their money would double within a short period.

According to the complaint, the company initially paid returns for a few months, helping build investor confidence. However, payments reportedly stopped nearly ten months ago, prompting investors to suspect fraud.

The main accused, Yogesh Sahu, was allegedly apprehended by aggrieved investors when he appeared at a local court in connection with another case. The investors handed him over to the police, following which the Supela police registered an FIR.

The case has been filed against Yogesh Sahu and several others, including Megha Sahu, Govind Sahu, Rajendra Sahu, Padma Sahu, Lomash Sahu and Gyan Prakash Sahu, along with their associates, on charges of cheating.

Investors Claim Massive Losses

Retired BSP employee Raju Namdev, one of the complainants, alleged that he invested ₹15 lakh in March 2025 after being assured of attractive returns through share trading and investment plans.

According to the complaint, several other investors also deposited substantial amounts. Police documents mention alleged investments of ₹1.61 crore by Shadab Siddiqui, ₹1.12 crore by Indresh Kumar Bangre, ₹23 lakh by Vidyanand Chandra Dutta and Ankit Dutta, and ₹63 lakh by Arun Kumar and Pragya Dubey.

Another complainant, Vivek Singh, claimed that he and his family invested nearly ₹1.5 crore, including funds mobilised through relatives and acquaintances. He alleged that between 1,000 and 1,500 investors across Chhattisgarh may have been affected, with the total amount involved potentially exceeding ₹1,000 crore. These figures are based on complainants' claims and are yet to be independently verified by investigating agencies.

Police said they are examining bank transactions, investment documents and the financial network linked to the accused to determine the actual scale of the alleged fraud.

Previous Cases Against Main Accused

Investigators said Yogesh Sahu had previously faced criminal cases registered at Supela and Smriti Nagar police stations and had secured bail in those matters.

Following fresh complaints, police have initiated a detailed investigation to identify additional victims, trace financial transactions and determine whether the alleged investment scheme operated across multiple districts.

Separate Loan Fraud Targets Teachers

In a separate operation, Kondagaon police uncovered an alleged loan fraud involving 43 teachers, resulting in losses estimated at around ₹12 crore.

Police arrested five accused after a three-month financial and technical investigation.

According to investigators, the accused promised teachers quick personal loans and assured them that only 40% of the loan amount would need to be repaid, while claiming they would manage the remaining liability.

Instead, police allege that nearly 60% of the sanctioned loan amount was transferred into the accused persons' bank accounts, leaving the teachers responsible for repaying the entire loan along with monthly instalments.

Investigators said the accused also assured victims that the loans would be cleared within two to three years, including housing-related benefits, persuading them to sign loan documents.

Probe Underway

Police are continuing investigations in both cases by examining financial records, bank accounts, digital evidence and the role of all individuals connected to the alleged frauds.

Authorities have urged anyone who may have invested through the Bhilai-based company or fallen victim to similar schemes to come forward and assist the investigation.