3 directors of two fintech companies held in Crypto investment fraud in Odisha

Bhubaneswar: The cybercrime unit of Odisha Crime Branch arrested three directors of two fintech companies for their involvement in a cyber fraud related to Crypto investment, today.

The arrested persons are Sumit Kumar Das and Amiya Ranjan Satpathy from Bargarh and Sidharth Satpathy from Bhillai in Chhattisgarh. The three were identified as directors of two fintech companies. Sumit and Amiya are directors of a company named PayInc and Sidharth of Fynpe.

According to an official source, the three were running the fintech companies and became a part of cyber fraud by facilitating quick transfer of money to the virtual accounts of cybercriminals.

A victim previously reported on May 5 last year that he had received a WhatsApp call from a stranger lady suggesting to subscribe a YouTube channel link for earning money. After that, she gave him a Telegram App contact to chat. The victim frequently received messages through the App enticing him to invest money for high returns.

The victim then started paying money believing that he was making investments and was trapped by the fraudsters. The complainant deposited more than Rs 54.75 Lakh between May 6, 2023 and May 23, 2023 to get high returns. When the fraudsters pursued him for more and more money without paying him any return, the complainant reported the matter at cyber police station of the Crime Branch.

Acting on the complaint, CID-CB cybercrime PS case (No-06/2023) was registered on May 29, 2023 U/s 419/ 420/ 467/ 468/ 471/ 120-B/ 34 of Indian Penal Code (IPC) r/w Section 66-C/ 66-D of Information Technology Act, 2000 and a team of officers led by inspector Geetanjali Jena probed into it.

Online verification of the NCRP portal of I4C, Ministry of Home Affairs has revealed that apart from this case, 26 other complaints from different parts of the country have been registered against the registered bank account of Fynpe and 18 against the registered bank account of PayInc.

Notably, cybercrime unit of the Crime Branch cautioned people to exercise necessary precautions while engaging in online investment activities and also to verify the authenticity of entities offering financial services.

In recent years, there has been a concerning increase in cases of investment fraud, with perpetrators often utilizing WhatsApp or Telegram groups to dupe people. These groups are often populated with fraudsters promising unrealistic returns and encouraging individuals to deposit money into suggested accounts.

“For the safety of their investments, people are strongly advised to be wary of unrealistic promises of high returns and scrutinise investment opportunities thoroughly before committing funds. By remaining vigilant and by following the safety guidelines, individuals can safeguard their investments and protect themselves from becoming a victim of online investment fraud,” the cybercrime unit said.

Crime Branch also appealed to people that if they encounter any suspicious online activities or become victims of any kind of cyber fraud or crime, they should immediately report such incidents promptly by dialling Toll Free Cyber Crime Help Line No-1930 or logging on to www.cybercrime.gov.in and registering their complaint without any delay.