Bhubaneswar: In a major success, Odisha Police arrested a key suspect in a cyber financial fraud case involving a fake forex trading platform that duped a retired couple in Odisha of Rs 23.39 lakh.
The accused, identified as Kathi Karthik Kumar of Karimnagar in Telangana, was arrested by the Cyber Crime and Economic Offences Police after thorough probe into a complaint lodged by the couple from Bhubaneswar.
Sabyasachi Praharaj and his wife were planning to start a nursing school after retirement. They came across an advertisement for a Forex trading platform on Facebook, and got in touch with the accused, Kathi Karthik Kumar, police said.
The couple paid him Rs 23.39 lakh through online transfers, but later, realising that they were defrauded, they lodged a complaint with the police in Bhubaneswar.
During the investigation, police found that the bank account to which the couple transferred the funds was being used to receive money fraudulently from gullible people.
The money had been transferred to the account of “RAPIDGROW Mutually Aided Cooperative Thrift and Credit Society Limited” maintained with RBL Bank, Karimnagar Branch, Telangana.
Subsequent investigations and raids in Telangana led to the arrest of Karthik, a police official said.
The accused was actively involved in cyber financial fraud, police said, adding that the racket he operates creates virtual current accounts and impersonates legitimate business entities to defraud the public.
Further investigation of the case is currently underway to trace the money trail and identify other members of the racket.
