Odisha: 15 Cyber Criminals Arrested for Investment Frauds Involving Crypto, Stock, IPOs

Bhubaneswar: In a major crackdown on cybercrime, the Cyber Crime Unit of Odisha’s Crime Branch (CID CB) has arrested 15 individuals allegedly involved in a series of cryptocurrency, stock, and IPO investment scams. The organised gang lured unsuspecting victims with promises of high returns and siphoned off millions through fake trading platforms and crypto wallets.

The operation led to the arrest of Tushar Sharma and Bhavesh Thakur (alias Ankit, alias Alex) from Delhi, identified as the scam’s masterminds. Their network included accomplices from Odisha – Ranjit Kumar Bal, Dillip Kumar Lenka, Sunil Prasad, Bishikesan Padhy (alias Siba), Kalandi Singh, Sudhansu Bhusan Pattanaik, Udaybhanu Ghadei, Jiten Barad, Bharat Bhusan Chakra, Bikash Chandra Rout, Uttam Kumar Sahu, Satya Ranjan Sahoo, and Amit Kumar Rout.

The cybercriminals targeted individuals on social media, inviting them to join WhatsApp or Telegram groups focused on investment and trading. They then enticed victims into opening fake trading accounts with the promise of substantial profits. The victims’ money would appear to grow on the platform, but withdrawals were cleverly restricted. When withdrawal requests were made, the scammers demanded additional fees, ultimately defrauding victims of significant sums transferred to crypto wallets.

During the investigation, authorities seized multiple mobile phones, SIM cards, debit cards, and identification documents.

Investigations revealed a vast network of bank accounts used to facilitate the fraud. Verification through the National Cybercrime Reporting Portal (NCRP) linked the arrested individuals and their accounts to numerous cyber fraud cases across the country. Udaybhanu Ghadei’s accounts were linked to 23 offences, Uttam Kumar Sahu’s to 17, Dillip Kumar Lenka’s to 12, Bishikesan Padhy’s to 7, Sunil Dora’s to 3, and Bhavesh Thakur’s to a staggering 81 cases nationwide.

The CID CB Cyber Crime Unit urges citizens to exercise extreme caution when considering online investment opportunities. It is crucial to verify the legitimacy of any entity offering financial services before making any commitments.

You might also like

Comments are closed.