Bhubaneswar: The Odisha Crime Branch’s Cyber Crime Police has arrested another accused in connection with a Rs 1.4 crore online investment fraud case in which a Bhubaneswar resident was allegedly duped on the promise of high returns from share market investments.
According to the Crime Branch, the victim lodged a complaint alleging that he was cheated of around Rs 1.4 crore over a period of one and a half months by fraudsters who lured him into investing in IPOs and over-the-counter (OTC) trading. The fraudsters allegedly persuaded him to transfer money to multiple bank accounts, assuring him of substantial profits.
The complainant later realised he had been cheated when he was unable to withdraw either his investment or the promised returns. He subsequently reported the matter to the Cyber Crime Police Station of the CID-Crime Branch in Cuttack. Prior to filing the formal complaint, he had also reported the fraudulent transactions on the national cybercrime helpline 1930 to facilitate the blocking of suspect accounts.
During the investigation, a team led by DSP Anila Anand conducted a detailed analysis of the money trail, bank transactions and other digital evidence. Based on the findings, the team carried out a raid in Shahdara, New Delhi, and apprehended an accused allegedly linked to the fraud network.
The arrested accused has been identified as Yaseen Shah (38), son of Islam Shah, a resident of New Seemapuri in Shahdara district of Delhi. Investigators said the bank account operated by the accused was one of the first-layer beneficiary accounts used in the fraud and had received Rs 2 lakh from the cheated amount.
Officials said 15 accused persons from different states had already been arrested earlier in connection with the case. With the latest arrest, the total number of arrests in the case has risen to 16.
During the operation, police seized the accused’s Aadhaar card and PAN card. Further investigation is underway to identify other members of the interstate cyber fraud network and trace the remaining defrauded money.
