In yet another breakthrough, Odisha CID Crime Branch has busted a ₹1.4 crore cyber scam involving online trading investments.
Seven interstate fraudsters, hailing from Karnataka and Tamil Nadu, were arrested after extensive investigations. The scammers lured victims with promises of high returns through IPOs and OTC trading, only to demand further payments when withdrawals were attempted, the police said.
The arrested persons identified as Jyothi Raju (39), Raju C (34); Ismail Rahaid (27), & Vasim (28) hail from Karnataka while Pattaraja S (34), Jegatheesh Radhakrishnan(40), and E Sakthikumaravel (50),are from Tamil Nadu.
The accused persons have been produced before the Hon’ble Court of 11th ACJM, Court Mayo Hall, Bangalore, JMFC-III, Shivmoga and JMFC Periyapatna all are of Karnataka, and Tamil Nadu Court respectively and are being brought on transit remand to Odisha.
On January 13, 2025, a complainant from Bhubaneswar filed a report with the Cyber Crime Police Station, stating that he had been defrauded by unidentified cyber fraudsters. They lured him with promises of high returns through investments in IPOs and OTC trading. Persuaded by their assurances, he began trading and, between November 13, 2024, and January 1, 2025, transferred a total of ₹1,40,00,000. Despite initial losses, the fraudsters convinced him to invest further. However, when he attempted to withdraw his funds, they demanded additional payments and refused to release his money. Realizing he had fallen victim to a scam, he promptly lodged an FIR.
The Crime Branch’s diligent efforts led to the seizure of various incriminating items such as mobile phones, Aadhaar cards, and bank documents. ₹15 lakh has been frozen in the culprits’ accounts, and ₹4 lakh has been recovered so far. Authorities are now tracing the network and mapping the money trail.
Citizens are urged to remain cautious of unsolicited investment offers online and report suspicious activities to the Cyber Helpline at 1930.
