Bhubaneswar: The Crime Branch of the Odisha Police arrested seven persons from Karnataka and Tamil Nadu allegedly involved in an online trading investment fraud case in which a man was duped of Rs 1.4 crore.
The arrested persons have been identified as Jyothi Raju (39), Raju C (34), Ismail Rahaid (27), and Vasim (28) — all from Karnataka; Pattaraja S (34), Jegatheesh Radhakrishnan (40), and E Sakthikumaravel (50) – all from Tamil Nadu.
On January 13, 2025, a man from Bhubaneswar filed a complaint with the Cyber Crime Police Station, stating that he had been defrauded by unidentified cyber fraudsters. The perpetrators lured him with promises of high returns through investments in IPOs and OTC trading, Crime Branch said in a press release on Sunday.
Convinced by these assurances, the complainant started investing. Between November 13, 2024, and January 1, 2025, he transferred a total of Rs 1,40,00,000 to the fraudsters.
Despite initial losses, the fraudsters continued to persuade him to invest further. However, when the complainant attempted to withdraw his funds, they demanded additional payments and refused to release his money. Realizing he had fallen victim to a scam, he filed an FIR.
After thoroughly analysing transaction details and examining digital evidence, the Crime Branch team successfully cracked the case. The accused were apprehended from various locations in Karnataka and Tamil Nadu.
The fraudsters posed as trade analysts, deceiving the complainant under the guise of investment opportunities in IPOs, shares, and OTC trading. Investigations revealed that they had fraudulently obtained Rs. 1.4 crore from the complainant. The accused have been charged under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the BNS, along with Sections 66-C and 66-D of the Information Technology Act, 2000.
The accused are being brought on transit remand to Odisha. The investigating team has seized several incriminating items, including mobile phones, SIM cards, WhatsApp chat screenshots, Aadhaar cards, PAN cards, bank passbooks, cheque books, and debit cards.
This apart, multiple bank accounts linked to the fraudsters have been frozen. Rs 15 lakh has been frozen, and Rs 4 lakh has been recovered so far, with ongoing efforts to recover additional funds. The investigation continues, with the team working to uncover more accomplices, trace the trans-India network of the cyber fraud, and map the entire money trail.
In light of the growing threat of cyber fraud, the Crime Branch urged citizens to stay vigilant against unsolicited investment offers received via social media and messaging apps. Before making any investments, it is essential to verify the authenticity of such schemes to avoid falling prey to cyber fraud. Citizens are encouraged to report any suspicious activity immediately to the Cyber Helpline at 1930 or visit the nearest police station.
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