Bhubaneswar: The Crime Branch of Odisha Police has arrested three persons for their alleged involvement in an online investment fraud to the tune of Rs 1.45 crore.
This case is a Cyber Financial Fraud case, specifically falling under the category of online investment scam where the fraudsters lured the victim with promises of high returns on investments in digital currency, IPOs, and stocks.
The arrest was made based on a complaint lodged by a man alleging that he was defrauded by unknown cyber fraudsters on pretext of higher return and investing in digital currency exchange trading. They persuaded him to trade in IPO and Stocks, USDT leading him to transfer Rs 1,45,85,000/-.
Despite initial losses, he was convinced to invest more, but when attempting to withdraw, they demanded an additional money and refused to release his funds. He realised it was a scam and lodged an FIR. The case is currently under investigation.
In a statement, the Crime Branch said the investigating team after analysing the transaction details and working upon other digital evidences had crackdown at Bhubaneswar, Balasore and Berhampur. The team identified and arrested three perpetrators of crime. The accused have been identified as Deepak Kumar Dash of Sijua, Khordha, Chandan Kumar Sahu (33) of Balasore, and
Ramahari Sahu (46) of Berhampur.
Different incriminating materials such as mobile phones, SIMs, debit cards, and cheque books were seized from the possession of the accused persons.
The Crime Branch said that cyber fraudsters are targeting citizens by offering fake investment opportunities in digital currency (Crypto) trading, USDT (Tether) and other crypto currencies, stock market & IPO investments and foreign trading platforms It advised people to always verify before investing to avoid falling victim to cyber frauds and to report such matters at 1930 Cyber helpline or at nearest Police Stations.