Odisha Crime Branch arrested an Andhra Pradesh man in connection with a multi-crore online investment fraud involving a fake trading platform.
Cyber Police registered the case after a businessman lodged a complaint of being duped by fraudsters. On May 7, 2024, a woman posing as an IBM software developer contacted him through Facebook and later persuaded him to trade on a platform called ZAIF. Between May 23 and June 24, 2024, he transferred ₹6.16 crore to different accounts. When his trading account showed losses, she convinced him to invest more. The account later displayed profits, but when he attempted to withdraw funds, the platform demanded 20% of the balance. He deposited ₹89 lakh, yet the funds were never released. Realising the fraud, he filed an FIR at Cyber Crime PS.
Inspector Rajendra Bhola led the investigation. After analysing transactions and digital evidence, the team tracked down Vedgiri Srinivasrao, 39, from Guntur, Andhra Pradesh. Police seized mobile phones, SIM cards, and other incriminating materials from him. He was arrested and produced before the SDJM, Berhampur, under multiple IPC sections and IT Act provisions.
Earlier, six accused had been arrested in the same case—five from Surat and one from Ludhiana. Authorities urged citizens to remain cautious about unsolicited investment offers on social media and messaging apps. Police advised verifying platforms before investing and reporting fraud to the 1930 Cyber helpline or nearest police stations.
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