Odisha Crime Branch arrests 7 cyber fraudsters for Rs 1.4 Cr IPO investment scam
Bhubaneswar: Odisha Crime Branch arrested seven cyber fraudsters for their involvement in the Rs 1.4 Crore IPO investment scam and recovered Rs 4 lakh from their possessions.
The arrested persons have been identified as Jyothi Raju (39), Raju C (34), Ismail Rahaid (27), and Vasim (28) of Karnataka while Pattaraja S (34), Jegatheesh Radhakrishnan (40), and E Sakthikumaravel (50) from Tamil Nadu.
The arrested persons were produced before the Court of 11th ACJM, Court Mayo Hall, Bangalore, JMFC-III, Shivmoga and JMFC Periyapatna and are being brought on transit remand to Odisha.
Odisha Criminal Investigation Department, Crime Branch Cyber PS Case No- 03 dated 13.01.2025 U/s- 318(4)/ 319(2)/ 336(2)/ 336(3)/ 338/ 340(2)/ 61(2)/3(5) BNS r/w Sec 66-C/ 66- D of Information Technology Act, 2000 ( CT No:- 73 /2025) was registered against the arrested persons after a complainant from Bhubaneswar filed a report with the Cyber Crime Police Station on January 13, 2025.
As alleged by the complainant, he had been defrauded by unidentified cyber fraudsters who lured him with promises of high returns through investments in IPOs and OTC trading.
Persuaded by their assurances, the complainant began trading and, between November 13, 2024, and January 1, 2025, transferred a total of Rs 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.
After realizing that he had fallen victim to a scam, he lodged an FIR at the cyber police station, based on which the Crime Branch initiated a probe into the matter.
In course of probe, the crime branch officials seized mobile phones, Aadhaar cards, and bank documents. Besides, Rs 15 lakh was frozen in the culprits’ accounts, and Rs 4 lakh was recovered from them so far. The officials are also now tracing the network and mapping the money trail.
Meanwhile, the Crime Branch has urged the general public to remain cautious of unsolicited investment offers online and report suspicious activities to the Cyber Helpline at 1930.
