Bhubaneswar: The Crime Branch (CB) of Odisha Police have arrested two persons from Punjab for alleged Rs 9.05 crore online trading fraud.
They have been identified as Amrit Pal of Sangrur and Pradeep Soni of Ludhiana.
The arrests were made on the basis of two separate complaints in which the victims were lured by the fraudsters to invest in Initial Public Offerings (IPOs) and Over-the-Counter (OTC) trading platforms, promising high returns.
In the first case, a native of Koraput was persuaded to trade in IPO and OTC and transfer Rs 7.50 crore, despite suffering initial losses. When he tried to withdraw the amount, the fraudsters refused to return the invested amount and demanded additional money. He soon realised it was a scam and lodged an FIR.
Acting on the complaint, the Cyber Crime wing of the Crime Branch registered a case and analysed transaction records and digital evidence, which led them to Amrit Pal. He was produced before the SDJM court in Jeypore after being brought from Sangrur on a transit remand.
A similar modus operandi was allegedly used by Soni for defrauding another person of Rs 1.55 crore. He was produced before the SDJM Court in Bhubaneswar.
Both Pal and Soni have been booked under multiple sections of the Bharatiya Nyaya Sanhita (BNS) 2023, including Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), 3(5), along with Sections 66-C and 66-D of the Information Technology Act, 2000, a CB release said.
The investigating agency has issued an advisory, warning the public to remain cautious of unsolicited investment offers made via social media platforms and messaging apps. It has further urged people to thoroughly verify the legitimacy of any trading or investment scheme before transferring money. Victims of cyber fraud are encouraged to report incidents via the Cyber Helpline 1930 or at the nearest police station.
