3 Directors Of 2 Fintech Companies Arrested for Crypto Investment Fraud in Odisha

Bargarh: In a major crackdown on crypto investment fraud, the Cyber Crime Unit of Odisha Crime Branch has arrested three directors of two fintech companies. The accused allegedly facilitated the transfer of funds to cybercriminals’ accounts, leading to significant losses for investors.

The arrests stem from a complaint filed in May 2023 by a victim who lost over Rs 54.75 lakh. The victim reported receiving a WhatsApp message from an unknown source, directing them to a YouTube channel promising easy money. Further communication shifted to Telegram, where the victim was lured into crypto investments with guaranteed high returns.

The investigation led to Sumit Kumar Das and Amiya Ranjan Satpathy, directors of PayInc, and Sidharth Satpathy, director of Fynpe. Verification with the National Cybercrime Reporting Portal (NCRP) revealed a pattern – 26 complaints against Fynpe and 18 against PayInc for similar fraudulent activities. This evidence solidified the case against the accused, leading to their arrests on Wednesday.

The Cyber Crime Unit has urged citizens to exercise extreme caution when considering online investment opportunities, particularly those promising unrealistic returns. Thorough research and verification of platforms and companies are crucial to avoid falling prey to such scams.