Bhubaneswar: Three Are Arrested by Cyber Police in an Investment Scam Aimed at Middle-Class and Young Families

In a significant development, the Bhubaneswar Cyber Police have arrested three people who were part of a complex investment scheme that duped locals, causing one victim to lose ₹10 lakh.

Through phony investment schemes, the accused—who were named as Siddharth Pujari from Koraput, Abhinash Sahu from Khordha, and Bivek Singh from Jeypore Town—targeted middle-class families and young professionals by making exaggerated claims of large profits.

How the Fraud Worked

 In order to give their fraudulent scheme the appearance of legality, the three operated it under the names of two Bengaluru-based businesses.  They hired agents to draw in possible investors and created phony websites to increase their legitimacy.  The defendants marketed their courses as "investment seminars" and hosted events at hotels and other venues.  The purpose of these events was to entice victims—especially young people and middle-class families—by offering yearly returns of up to 7%.

The con artists employed high-pressure techniques and fake success stories to persuade participants to make significant investments during these sessions.  To gain the trust of certain investors, they first gave them modest returns before stealing the principal.  After attending a session, Soumya, a native of Bhubaneswar, became one of these victims and invested ₹10 lakh.  Soumya reported to the Bhubaneswar Cyber Police after the promised returns did not materialize, and they launched an investigation.

Quick Police Intervention
 The three suspects were arrested from various locations in Odisha after the Cyber Police conducted a thorough investigation into Soumya's accusation.  Siddharth Pujari was nabbed in Koraput, Abhinash Sahu in Khordha, and Vivek Singh in Jeypore Town.

The following vital pieces of evidence were taken by the police:

• Two computers that handle financial transactions and fraudulent websites
•  Cell phones with records of conversations between agents and victims
•  Credit cards and ATMs connected to the bogus accounts
•  Checkbooks and bank account information
•  Two bank accounts totaling ₹6 lakh are frozen (₹5 lakh in one account and ₹1 lakh in another).

Meena stated, "The accused created a façade of legitimacy through registered companies and professional workshops, exploiting the trust of unsuspecting investors."  "We have frozen a portion of the funds and are investigating the full scope of their operations in an effort to recover more."

Continued Research

•  The police are expanding their probe since the arrests have only touched the surface of a bigger problem.  Important issues being examined are:
•  Company Registration: How did the defendants register fictitious businesses, and were there any other people involved as facilitators or directors?
•  Regulatory Compliance: Whether or not the businesses followed rules established by authorities such as the Securities and Exchange Board of India (SEBI).
•  Finding other agents, staff members, or conspirators involved in the scheme is known as the "syndicate network."
•  Asset recovery is the process of creating a list of the accused's possessions and assets that were obtained illegally.

Given the accused's extensive marketing operations, the authorities believe the scam may have ensnared more victims throughout Odisha and possibly neighboring states.  DCP Meena promised prompt action and encouraged future victims to report such scam to the closest police station or cyber cell.

 Advisory to the Public

 DCP Meena issued a severe warning to the public, advising them to exercise caution when it comes to investment schemes that promise abnormally large returns.  He cautioned, "Avoid unsolicited offers that seem too good to be true."  "Always check a company's credentials before investing, and report any suspicious activity right away."  Additionally, he advised avoiding disclosing financial information on unreliable websites and verifying a company's registration with regulatory agencies such as SEBI.

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