Cuttack: In a significant breakthrough, the Crime Branch of Odisha Police arrested seven inter-state cyber fraudsters, including a woman, in connection with an online trading investment fraud amounting to ₹1.4 crore.

The investigation began after a Bhubaneswar resident filed a complaint at the Cyber Crime Police Station. The Crime Branch analysed transaction details linked to the fraudsters and examined digital evidence before making the arrests.

The accused were apprehended from multiple locations across Karnataka and Tamil Nadu. After being presented before local courts in these states, they are being brought to Odisha on transit remand, per sources from the Odisha Crime Branch.

The arrested individuals have been identified as Jyothi Raju, Raju C, Ismail Rahaid, and Vasim from Karnataka, along with Pattaraja S, Jegatheesh Radhakrishnan, and E Sakthikumaravel from Tamil Nadu.

The fraudsters and their associates posed as trade analysts, deceiving the complainant by promising high returns through investments in IPOs, shares, and OTC trading.

Per the complaint filed on January 13, 2025, the fraudsters lured the victim with the prospect of high returns on IPO and OTC trading investments. Convinced by their claims, the complainant began trading and transferred a total of ₹1.4 crore between November 13, 2024, and January 1, 2025.

When the complainant suffered losses and became hesitant to invest further, the fraudsters persuaded him to continue. However, when he attempted to withdraw his funds, they demanded additional payments and eventually refused to release his money. Realising he had been defrauded, the Bhubaneswar resident filed an FIR.

Crime Branch sources confirmed the accused have been charged under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the BNS, along with Sections 66-C and 66-D of the Information Technology Act, 2000.
The investigating team frozen multiple bank accounts linked to the fraudsters. So far, ₹15 lakh has been frozen in these accounts, while ₹4 lakh has been recovered. Efforts are ongoing to recover more funds.

The investigators also seized several mobile phones, SIM cards, WhatsApp chat screenshots, Aadhaar cards, PAN cards, bank passbooks, cheque books, and debit cards from the accused.

Sources added the investigation is ongoing to trace the trans-India cyber fraud network, identify other accomplices, and track the complete money trail.