Bhubaneswar: Odisha Crime Branch Cyber Police have busted an online investment fraud racket involving a fake trading platform, ZAIF.
The scam came to light when a businessman was contacted by a woman on Facebook, claiming to be Sanjana Srinivasan, a software developer with IBM, Hong Kong. She persuaded him to communicate via WhatsApp and convinced him to open a trading account with ZAIF, a cryptocurrency exchange platform. Between May 23 and June 24, the victim transferred over Rs 6.16 crore to various accounts as instructed by Sanjana.
The investigation, led by Inspector Rajendra Bhola, revealed that the victim was lensed into the scam and transferred money to various accounts. When he tried to withdraw, he was asked to pay 20% of the balance amount. So he deposited Rs. 89,00,000 but the risk control team refused to release his funds with one pretext to other. Then he realized that he have been a victim of well-planned conspiracy by unknown cyber fraudsters, ZAIF trading Company and their associates. So he lodged FIR at Cyber Crime police station.
Acting on a complaint filed by the victim, police launched an investigation. The investigating officers identified and arrested Vedgiri Srinivasrao, 39, from Andhra Pradesh, and seized incriminating materials like mobile phones and SIM cards.
Previously in this case Investigating Officer has arrested six accused. Out of six five from Surat and one from Ludhiana Punjab state.
The Cyber Crime Police have urged citizens to be cautious of unsolicited investment offers on social media and messaging apps, verifying credentials before investing, and reporting suspicious activities to the 1930 Cyber Helpline or nearest police stations.
