In a major breakthrough against cyber fraud, Odisha Police’s Crime Branch has arrested a key suspect from Bhubaneswar in a massive investment scam worth over Rs 6 crore. The accused, identified as Vedagiri Srinivasa Rao, a 39-year-old resident of Guntur in Andhra Pradesh, was nabbed following an intensive investigation into a sophisticated online swindle.
The scam unfolded when a businessman from Berhampur in Ganjam district was approached via Facebook on May 7, 2024. Posing as a software developer at IBM in Hong Kong, the fraudster, using the alias Sanjana Srinivasan, quickly shifted the conversation to WhatsApp. She lured the victim with promises of lucrative returns from trading on the ZAIR platform, claiming her IBM team was setting up a data center for digital currency exchange.
Convinced by the facade, the businessman opened a trading account and began investing. By May 30, his account showed a loan of 11,292 USD, prompting Sanjana to advise further deposits to cover losses. As trades progressed, the account displayed fluctuating profits and losses, building false confidence. When he attempted withdrawals, ZAIR’s customer care demanded 20% of alleged dues, leading to an additional Rs 89 lakh payment—which vanished into thin air.
Realizing the trap, the victim reported the fraud, revealing transfers totaling Rs 6.16 crore to various accounts between May 23 and June 24, 2024, under Sanjana’s instructions. The Crime Branch registered the case on July 9 and, after tracing transactions and digital footprints, apprehended Srinivasa Rao. This marks the seventh arrest in the case, with five others nabbed from Surat, Gujarat, and one from Ludhiana, Punjab.
Senior officers hailed the operation as a testament to vigilant cyber policing. They warn the public against unsolicited investment offers on social media, urging verification through official channels. As investigations deepen, authorities aim to dismantle the entire fraud network, recover funds, and prevent future victims in Odisha’s growing digital economy.