Cyber Fraudsters Nabbed: Odisha Police Apprehends Individuals Involved in Multi-Crore Online Trading Scam

In a significant crackdown on cybercrime, the Odisha Crime Branch has arrested three individuals implicated in a sophisticated online trading fraud that bilked investors of more than Rs 7.08 crore. The arrests were made across state lines, with one individual apprehended in Karnataka for a Rs 1.03 crore fraud and two others in Maharashtra for a scam exceeding Rs 6.04 crore. The fraudulent schemes involved luring individuals into investing in IPO and OTC trading with promises of lucrative returns. Victims were initially subjected to losses, which were then used to manipulate them into investing more money. When victims sought to withdraw their funds, additional payments were demanded, and their investments were frozen. Acting on complaints and leveraging digital evidence, the Crime Branch arrested Ganesh K Setty in Bengaluru and subsequently, Swapnil Goraksha Dhokale and Azaz Shafiq Shaikh in Mumbai and Pune. The accused are facing a range of charges related to cheating, forgery, and violations of the IT Act 2000. Prior to these arrests, three other suspects were apprehended in West Bengal. The Crime Branch has cautioned citizens to be vigilant against unsolicited investment offers and to report suspicious activities to the cyber helpline or local police authorities.