Bhubaneswar: Odisha Crime Branch has successfully dismantled a cyber fraud syndicate operating under the guise of the ‘Kotak Investment Club.’
The syndicate, which defrauded investors of approximately Rs 6.28 crore, led to the arrest of 24 individuals across multiple states.
The cyber fraudsters created a WhatsApp group named ‘Kotak Investment Club,’ luring unsuspecting investors with promises of high returns. Once the money was received, the fraudsters removed the investors from the group and quickly distributed the funds across over 100 bank accounts to evade detection.
Acting on a complaint from a victim, the Crime Branch formed seven teams to track and apprehend the suspects. The operation resulted in the arrest of nine individuals from Tamil Nadu, eight from Gujarat, and seven from Rajasthan. According to Crime Branch ADG Vinaytosh Mishra, the arrested individuals were not the masterminds but rather the foot soldiers of the operation. The kingpin of the syndicate remains at large, having distributed the stolen funds among the foot soldiers in exchange for a commission.
During the investigation, the Crime Branch managed to freeze Rs 16.85 lakh from various bank accounts and returned Rs 6.8 lakh to the victims.
