Bhubaneswar: The Odisha Crime Branch’s cyber wing arrested Syad Iqbal Hussain, a 45-year-old caterer from Hyderabad, for allegedly scamming a 66-year-old retired private company executive, who lost Rs 47 lakh in a fraudulent online investment scheme.
The victim, lured by a social media ad in January 2024, joined a messaging app group and was initially enticed with small, seemingly profitable investments. This built his trust, leading him to invest Rs 47 lakh between January 2024 and May 2024 without verifying the platform’s legitimacy.
Promised returns over Rs 1 crore, he saw inflated values in a fake e-wallet but was unable to withdraw the money after making additional deposits.
Realising the deception, he filed a complaint on May 21, 2024.
Using digital forensics and surveillance, police traced Hussain, who received most of the defrauded money. He is suspected to be part of an interstate cybercrime gang, using mule accounts and fake social media profiles. Efforts are to locate the masterminds, believed to be operating from a foreign country. “Several accounts with substantial deposits have been frozen. Multiple phones, debit cards, cheque books, and SIM cards have also been seized,” TOI reported, quoting a senior crime branch official.
