Cracking yet another fake Initial Public Offering (IPO) trading scam, the Odisha Crime Branch has arrested two scammers from Maharashtra on the charge of defrauding a man from Odisha to the tune of Rs 6.04 crore.
The Crime Branch sleuths, after analysing the transaction details and working upon other digital evidence, nabbed the fraudster duo from Mumbai and Pune.
The accused persons, identified as Swapnil Goraksha Dhokale and Azaz Shafiq Shaikh, were arrested yesterday. After being brought under transit remand, they were produced today at the Sub-divisional Judicial Magistrate Court in Cuttack. The Court, late in rejecting their bail application, remanded them to jail custody, the CB officials said.
The victim was defrauded by cyber fraudsters on the pretext of a higher return and investing in IPO and OTC trading. They persuaded him to trade in IPO and Over-the-Counter (OTC), leading him to transfer Rs 6,04,53,000 (Rs 6.04 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. Later, he realized it was a scam and lodged an FIR.