Bhubaneswar: The cyber wing of the State Crime Branch arrested three persons on Tuesday in connection with separate incidents of investment fraud.
The first accused has been identified Ganesh K. Setty (48), a resident of Bengaluru, was apprehended following a complaint by a citizen who was defrauded by unknown cyber fraudsters.
According to an official press release, the victim was lured with promises of high returns through investments in IPO and OTC trading, resulting in a transfer of Rs 1.03 crore. Despite initial losses, the victim was persuaded to invest more. When he tried to withdraw his funds, the fraudsters demanded additional money and refused to release the amount. Realizing it was a scam, the complainant lodged an FIR.
After thorough analysis of transaction details and digital evidence, the Crime Branch team conducted a crackdown in Bengaluru, successfully identifying and arresting Setty. He was produced before the Bengaluru Court, and after obtaining transit remand, brought to Cuttack. He was forwarded to the JMFC-III court under sections 419, 420, 465, 467, 468, 471, 120(B), and 34 IPC, read with sections 66-C and 66-D of the IT Act, 2000.
In a separate case, two accused, Swapnil Goraksha Dhokale from Pune and Azaz Shafiq Shaikh (34) from Mumbai, were arrested for a similar fraud involving Rs 6.04 crore. The victim was similarly persuaded to invest in IPO and OTC trading under false pretenses. When attempts were made to withdraw funds, the fraudsters demanded more money and withheld the funds, prompting the victim to file an FIR.
The Crime Branch, after analyzing transaction and digital evidence, executed crackdowns in Mumbai and Pune, resulting in the arrest of Dhokale and Shaikh. They were produced before the Pune and Mumbai courts respectively. Following transit remand, both were brought to Cuttack and forwarded to the SDJM court in Bhubaneswar under relevant sections of the IPC and IT Act.
Police confirmed that three other accused linked to the case were earlier arrested from West Bengal.
Investigations are ongoing.
