CUTTACK: The cybercrime unit of the Odisha Crime Branch has successfully cracked down on two cyber-enabled investment frauds, resulting in multiple arrests.
In the first case, a man was arrested for duping an individual of over Rs 25 lakh under the pretext of opening a dealership for an electric vehicle (EV) company. The fraud, executed primarily through digital communication, has been classified as cyber fraud.
The accused, Ashish Kumar Yadav (30) of Kashipuram Colony in Varanasi, presently residing at Galli No-15, Hindon Bihar Colony in Sector-49 at Uttar Pradesh’s Noida, holds a B Tech degree and works as a web designer. Investigators seized mobile phones, SIM cards, a laptop, and other incriminating materials from his possession.
A complaint was lodged with the Cyber Police station of CB-CID on May 2, 2023, alleging that the complainant had been defrauded on the pretext of opening an OKINAWA Electric Scooter dealership, transferring a total of Rs 25.35 lakh. Despite the initial investment, the accused persuaded him to invest more. When additional money was demanded and his funds were not released, the complainant realised it was a scam and filed an FIR.
The investigating team, led by inspector Abantimani Nayak, analysed transaction details and other digital evidence, ultimately tracing and arresting Yadav in Varanasi and Noida. Further probe is on.
In a separate case, the Cyber Police of CB-CID arrested three persons, including two engineers and a medical representative, for defrauding a citizen of over Rs 1 crore in an online investment scam.
The accused are Deepak Kumar Dash (33) of NMIET College Road, Khurda, a medicine representative, Chandan Kumar Sahu (33) of Talapada, Balasore, owner of a DJ vehicle and Ramahari Sahu (46) of Santimarg in Berhampur, who works as a civil engineer in a glass fabrication unit. Mobile phones, SIM cards, debit cards, cheque books, and other incriminating materials were seized from their possession.
The complaint, lodged on June 29, 2024, alleged that the victim was persuaded to invest in digital currency exchange trading with promises of high returns, including IPOs, stocks, and USDT. Further investigation into this case is ongoing.