The Crime Branch of the Odisha Police arrested a man from Bengaluru for defrauding a resident of the state of Rs 1.03 crore on the pretext of offering high returns through a fake Initial Public Offering (IPO) scheme.
The investigating agency after analyzing the transaction details and working on other digital evidence had zeroed in at 8th Main Road, BCC layout in Bengaluru city and arrested one of the perpetrators of the crime identified as Ganesh K Setty.
The crime brand took up the investigation on a complaint lodged by a man from Odisha alleging that he was defrauded by unknown cyber fraudsters on the pretext of higher return and investing in IPO and OTC trading.
They persuaded him to trade in IPO and OTC, leading him to transfer Rs. 1,03,50,000 (Rs 1.03 crore). 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 it was a scam and lodged an FIR. The case is currently under investigation.
The accused was produced before a Bengaluru court, and after receiving transit remand, was brought to Cuttack and forwarded to the Court of JMFC-III. Later, the accused was sent to jail after the court rejected the bail application.