The Criminal Investigation Department (CID) of the Odisha Police arrested a man from Punjab on the charge of defrauding a man in Odisha’s Koraput district of Rs 7.50 crore on the pretext of higher return in a fake Initial Public Offering (IPO) scheme.
Fraud
The Criminal Investigation Department (CID) of the Odisha Police arrested a man from Punjab on the charge of defrauding a man in Odisha’s Koraput district of Rs 7.50 crore on the pretext of higher return in a fake Initial Public Offering (IPO) scheme.
The victim lodged a complaint that he was defrauded by unknown cyber fraudsters on the pretext of higher return and investing in IPO and OTC trading, CID sleuths said.
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They persuaded him to trade in IPO and OTC and transfer Rs 7.50 crore. Despite initial losses, he was convinced to invest more. But when he tried to withdraw the amount, they refused to release his funds and demanded additional money. He realized it was a scam and lodged an FIR.
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The investigating team, after analyzing the transaction details and working upon other digital evidence, cracked the fraud. One of the perpetrators of cyber fraud – identified as Amrit Pal – was arrested.
He was produced at Sangrur Court in Punjab and after receiving transit remand, was brought to Crime Branch and was forwarded to the Court of SDJM, Jeypore under sections 318(4)/ 319(2)/ 336(2)/ 336(3)/ 338/ 340(2)/ 61(2)/ 3(5) BNS 2023 r/w 66-C/ 66-D of Information Technology Act, 2000, they added.
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