The Odisha crime branch has arrested seven persons in connection with an online trading investment fraud involving ₹1.4 crore.
The accused were apprehended from various locations in Karnataka and Tamil Nadu.
On January 13, a complainant from Bhubaneswar lodged a report with the cyber crime police station, alleging that unidentified cyber fraudsters had defrauded him by promising high returns through investments in IPOs and over-the-counter (OTC) trading.
“The victim, persuaded by their assurances, began investing and transferred a total of ₹1.4 crore between November 13, 2024, and January 1, 2025. 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,” the crime branch stated.
Realising he had been scammed, the complainant promptly filed an FIR.
The arrested individuals are Jyothi Raju, 39, Raju C, 34, Ismail Rahaid, 27, Vasim, 28, Pattaraja S, Jegatheesh Radhakrishnan, and E Sakthikumaravel. They have been charged under various sections of the Bharatiya Nyaya Sanhita (BNS) and Sections 66-C and 66-D of the Information Technology Act, 2000.
The crime branch, in a release, said: “The accused and their associates posed as trade analysts, deceiving the complainant under the guise of investments in IPOs, shares, and OTC trading..”
The arrested individuals will be brought to Odisha on transit remand once the respective courts in Karnataka and Tamil Nadu grant approval.
During the investigation, authorities seized incriminating items, including mobile phones, SIM cards, WhatsApp chat records, Aadhaar and PAN cards, bank passbooks, chequebooks, and debit cards. Multiple bank accounts linked to the fraudsters have been frozen.
“So far, ₹15 lakh has been frozen in these accounts, while ₹4 lakh has been recovered. Efforts to recover the remaining amount are ongoing,” the relrease stated.
