The Criminal Investigation Department (CID) of Odisha police has arrested two fraudsters who orchestrated an investment trading scam to deceive an investor to the tune of Rs 1.50 crore.

The complainant from Bhubaneswar on 29 January this year reported that he was defrauded by cyber fraudsters on pretext of higher return by way of investing in International Metal trading. They persuaded him to trade in IPO and OTC. Later he fell into their trap leading him to transfer Rs. 1.55 crore.

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Despite initial losses, he was convinced to invest more, but when attempting to withdraw, they demanded additional money and refused to release his funds. He realized that it was a scam and lodged an FIR, CID officials said.

The CID team later analyzed the transaction details and worked upon other digital evidence which were traced at Ratlam and Bhopal in Madhya Pradesh. After verifying the details in the locality, the Odisha CID team succesufully identified and arrested two perpetrators of the crime.

The accused persons identified as Tayyab Khan, (23) and Firoz Khan,(36) represented themselves as trade analysts and so far it has been found that the accused duo cheated the complainant to a tune of Rs.1.50 lakh.

The accused persons have been brought on transit remand from Ratlam Court & Bhopal Court to Odisha and were forwarded to the SDJM Court in Bhubaneswar. Later the Court remanded them to jail custody.

Investigation of the case is still under progress. The CID team will unearth other accomplices of this crime, its trans-India ramification and the money trail.