Cuttack: The Cyber Crime Unit of Odisha’s Criminal Investigation Department (CID), Crime Branch, has apprehended two persons in connection with a massive investment fraud involving Rs. 1.5crore.
The accused have been identified as Tayyab Khan (23) and Firoz Khan (36) from Bhopal and Ratlam in Madhya Pradesh.
The arrests were made on the basis of a case registered under various sections of the Bharatiya Nyaya Sanhita (BNS) and the IT Act, 2000 following a complaint lodged on January 29 this year at the Cyber Crime Police Station in Bhubaneswar.
As per an official press release, according to the complainant from Bhubaneswar, unknown cyber fraudsters lured him with promises of high returns through international metal trading, including investments in Initial Public Offerings (IPOs) and Over-The-Counter (OTC) trades.
The victim was persuaded to transfer Rs. 1,50,50,000 to the fraudsters. Despite incurring initial losses, he was coerced into investing more. When he attempted to withdraw his funds, the fraudsters demanded additional payments and refused to release his money, leading him to realize he had been scammed.
Led by Deputy Superintendent of Police Diptimayee Mallick, the investigating team meticulously analyzed transaction details and digital evidence.
Their efforts led to a crackdown in Ratlam and Bhopal, Madhya Pradesh, where they identified and arrested two key perpetrators: Tayyab Khan (23) from Bhopal and Firoz Khan (36) from Ratlam.
The accused, who posed as trade analysts, allegedly defrauded the complainant of Rs. 1,50,50,000 through their investment scam. Both Tayyab and Firoz have been brought to Odisha on transit remand from courts in Ratlam and Bhopal and were presented before the SDJM Court in Bhubaneswar.
The investigation has resulted in the seizure of several incriminating items, including mobile phones, SIM cards, Aadhar cards, and PAN cards.
The team has also frozen multiple bank accounts linked to the fraudsters. The probe is ongoing, with efforts focused on uncovering additional accomplices, tracing the money trail, and exploring the case’s wider ramifications across India.
The Odisha Crime Branch has issued a public advisory, urging citizens to exercise caution with unsolicited investment offers on social media and messaging platforms. The public is encouraged to verify investment opportunities thoroughly and report suspicious activities to the nearest police station or the Cyber Helpline at 1930.
