The case began after Kuntal Majumdar from Angul filed a complaint on August 24 last year. He said he had been tricked by cyber fraudsters who promised high returns through investments in IPO (Initial Public Offering) and OTC (Over-the-Counter) trading.
Trusting their claims, Majumdar transferred Rs 6.28 crore over time. Even after facing losses, he was convinced to invest more money. But when he tried to withdraw his funds, the fraudsters demanded even more money and refused to return his investment. Realizing it was a scam, he lodged an FIR with the police.
The CID investigated the case by analyzing bank transactions and digital evidence. They recently arrested another accused from Hyderabad, identified as Mohammed Faiz Ahmed.
Earlier, the CID had arrested 30 people involved in the scam from different states including Tamil Nadu, Gujarat, Rajasthan, Kerala, and West Bengal.
In an advisory, the CID warned people to be cautious of investment offers on social media and messaging apps. “Always verify before investing. Do not fall for fake promises of high returns,” the advisory said. Victims of cyber fraud are urged to call the 1930 Cyber Helpline or visit the nearest police station.
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