Bhubaneswar: The Balasore OPID court has convicted Nilesh Kar, the main accused in a crypto-currency investment scam, and sentenced him to seven years of rigorous imprisonment and a fine of Rs 2.35 lakh. In default of payment, Kar will undergo an additional two years of imprisonment.
According to the case, Kar, appointed as the head of the fake website ‘Cloud-Foot’ for Balasore district, duped hundreds of depositors out of Rs 1.13 crore by promising high returns on investments. The scam came to light when Mahamanya Jena, a resident of Balasore district, filed a complaint with the Sahadevakhunta police station on April 5, 2023.
Investigation revealed that Kar had encouraged over 400 people from across the state to invest in the website, showcasing fake RBI approval letters and appointment letters to build trust. The probe also found that the ‘Cloud-Foot’ website was used nationwide to cheat investors in the name of cryptocurrency investment.
Special Public Prosecutor Pranab Kumar Panda handled the case, while Inspector Tapas Ranjan Sahu led the investigation. The court’s verdict brings justice to the victims of the scam.
