Bhubaneswar: In a major breakthrough against cyber fraud, the Cyber Wing of the Odisha Crime Branch has busted a digital trading scam worth over Rs 7 crore, arresting two persons from Punjab and Andhra Pradesh. The accused lured unsuspecting investors with promises of high returns on investments in digital currency exchanges and IPO/OTC platforms.
The arrested persons have been identified as Bittu Kumar (41), a native of Gorakhpur, Uttar Pradesh, currently residing in Ludhiana, Punjab and Chapalamadugu Sudheer Kumar (33), a resident of Andhra Pradesh.
Both were arrested following two separate complaints filed by victims who were defrauded through sophisticated online investment traps.
Rs 6.16 Crore Fraud
The first arrest was made after a citizen reported being defrauded of Rs 6.16 crore. The complainant was persuaded to invest in digital trading platforms dealing in IPOs, OTC trades, and USDT (Tether) under the guise of high returns. Despite initial losses, the victim continued to invest based on false assurances. When he tried to withdraw his funds, the fraudsters demanded additional payments and refused to release his money, prompting him to lodge a formal complaint.
A team led by DySP Ratnaprava Satpathy traced digital footprints and transaction trails to Ludhiana, where they successfully arrested Bittu Kumar. During the raid, officials seized multiple mobile phones, SIM cards, debit cards, and other incriminating materials.
Kumar was produced before the JMIC First Class Court in Ludhiana, granted transit remand, and brought to Odisha. He will be produced before the SDJM Court, Berhampur under IPC Sections 419, 420, 465, 467, 468, 471, 120(B), 34, and Sections 66-C and 66-D of the IT Act, 2000.
Rs 1.01 Crore Scam
In the second case, the accused Chapalamadugu Sudheer Kumar allegedly defrauded another victim of Rs 1.01 crore through a similar modus operandi. The victim was coaxed into investing in IPO and OTC platforms and eventually realised he had been cheated when he could not recover the funds.
An investigation led by Inspector Bibhu Ranjan Sundaray revealed the accused’s location in Guntur, Andhra Pradesh. The cyber cell raided the premises and seized electronic devices, SIM cards, bank passbooks, and cheque books. Sudheer Kumar was presented before the Special Mobile Court in Guntur and upon receiving a transit remand, was brought to Odisha. He will be produced before the SDJM Court, Mayurbhanj, under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), 3(5) of the BNS, and Sections 66-C and 66-D of the IT Act, 2000.
The Odisha Crime Branch has urged the public to remain cautious while investing in digital assets and to verify the authenticity of online trading platforms.
