BHUBANESWAR: The Crime Branch of Odisha Police on Thursday arrested six natives of Tamil Nadu and Gujarat for their alleged involvement in investment fraud amounting to Rs 71.95 lakh.
The accused, Arun Shaju, Seenu R and Vasu J of Tamil Nadu and Jaimin Kukdeja Megharajbhai, Brijesh Dayabhai Sathiya and Udaya Rameshbhai of Gujarat cheated a resident of Bhubaneswar on the promise of providing him higher returns through investments in shares.
After receiving a complaint, the CB registered a case on February 28 and launched a probe into the matter. Investigation revealed that Shaju and Megharajbhai opened bank accounts in their names and shared the details with Vasu J, Seenu R and Rameshbhai to receive the cheated amount. Another member of the gang, Sathiya, obtained the ill-gotten money through cheques and handed it over to hawala operators based out of Gujarat.
In January, the complainant had joined two groups on WhatsApp which advertised trading apps called GSQT and IBGINON. He was encouraged by the group admins to open accounts in these apps using specific web links.
The complainant started depositing money in various accounts from January 23 onwards and initially received profits. This prompted him to invest more money for which he took personal loans and even borrowed money from his friends and family members. By February 22, he deposited Rs 71.95 lakh in 10 different bank accounts. However, he was able to see the profits only in digital wallets.
Sources in the CB said the fraudsters demanded more money from the complainant and threatened him that if he did not transfer the amount, he would lose all his investments and profits. After realising that the entire trading process was fraudulent, he approached the CB.