Bhubaneswar: The Crime Branch of Odisha Police has arrested two persons, one from Ludhiana in Punjab and another from Guntur in Andhra Pradesh, for duping investors of over Rs 7 crore in separate cases of investment fraud.

The Crime Branch has arrested Bittu Kumar (41) from Ludhiana on charges of duping an investor in Odisha of Rs 6.16 crore through investment fraud.

According to the Crime Branch, some unknown people persuaded the victim to invest in digital currency exchange trading on promise of higher returns.

The victim transferred the money to the bank accounts provided by the fraudsters. He came to know about the fraud when his attempt to withdraw the money failed.

The victim immediately lodged a complaint in this regard with the Cyber Crime unit of the Crime Branch. The police registered a case in this regard and traced the accused to Ludhiana during investigation.

A Crime Branch team led by DSP Ratnaprava Satpathy nabbed the accused and brought him to Odisha on transit remand after producing him in a court at Ludhiana.

The cops have seized incriminating materials including mobile phones, SIMs and debit cards from the possession of the accused person.

The accused has been booked under Sections 419, 420, 465, 467, 468, 471, 120 (B) and 34 of the IPC and Sections 66-C and 66-D of the IT Act-2000. He will be produced in the court of Sub-Divisional Judicial Magistrate (SDJM) at Berhampur, said the Crime Branch in a statement today.

In the second case, unknown cyber fraudsters duped a person from Odisha of over Rs 1 crore. The fraudsters allegedly persuaded the victim to invest in online trading by promising him high returns.

The victim lodged a complaint with the Crime Branch after the fraudsters did not allow him to withdraw the money.

The Cyber Crime police registered a case in this regard and launched a probe.

A Crime Branch team led by Inspector Bibhu Ranjan Sundaray traced the accused, identified as Sudheer Kumar (33), to Guntur and arrested him by conducting a raid.

The cops seized mobile phones, SIMs, bank passbooks, cheques and other incriminating documents from his possession.

The Crime Branch team brought the accused to Odisha on transit remand after producing him in a court at Guntur.

The accused has been booked under Sections 318 (4), 319 (2), 336 (2), 336 (3), 338, 340 (2), 61 (2) and 3(5) of the BNS and Sections 66-C and 66-D of the IT Act-2000.

He will be produced in the court of SDJM, Mayurbhanj, said the Crime Branch.