Odisha CID nabs 31 cybercriminals in Rs 6.28 crore online trading investment fraud case

The Crime Investigation Department (CID) of Odisha Police has arrested one more accused in the Rs 6.28 crore online trading investment fraud case, taking the total number of arrests to 31.

The CID swung into action after Kuntal Majumdar from Angul reported on 24 August last year that he had been defrauded by unknown cyber fraudsters on the pretext of higher returns and investments in IPO and OTC trading.

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They persuaded him to trade in IPO and OTC, leading him to transfer Rs 6,28,00,000. 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 realised it was a scam and lodged an FIR.

After analysing the transaction details and working upon other digital evidence, the CID team identified one more accused and arrested him from Hyderabad. He has been identified as Mohammed Faiz Ahmed, officials said.

Earlier, the Odisha CID had arrested as many as 30 accused persons in connection with the online trading investment fraud case from Tamil Nadu, Gujarat, Rajasthan, Kerala, and West Bengal.

“Citizens are advised to beware of unsolicited investment offers on social media and messaging apps. Always verify before investing to avoid falling victim to cyber fraud, and report such incidents to the 1930 Cyber Helpline or the nearest police station,” the CID stated in an advisory.