Crypto trap: Over Rs 13 Lakh online fraud busted; 3 more arrested in Odisha

Cuttack cyber police arrested three more accused on Monday in connection with Rs 13.72 lakh crypto scam, bringing to light a growing trend of digital financial fraud through cryptocurrency investment traps.

Also Read: Cyber fraud: 2 bank officials among 5 held in Rourkela; 30 Aadhaar and 10 PAN cards seized

The arrested individuals – Abinash Ojha, Gagan Sahu, and Prateek Chaurasia – hail from Rourkela, according to the cyber police. Earlier, one accused had already been arrested in the same case.

The trio reportedly used pre-activated SIM cards and posed as the employees of reputed payment banks, convincing unsuspecting users to invest in cryptocurrency with false promises of double returns.

During the investigation, police found that the accused used customer documents, collected during account openings, to procure multiple SIM cards, which were then used to operate fake accounts and mislead investors.

Authorities have frozen at least 39 bank accounts and seized three Aadhaar cards, three bank passbooks, and other incriminating materials from the accused.

The victim, a youth from Cuttack, was lured with the promise of high returns on crypto investments and ended up losing over Rs 13.72 lakh.

Cyber Police are expanding their probe to unearth the full extent of the racket and identify any additional players involved.

“A gang was duping people by sending them a link through the Telegram app and luring them to invest in cryptocurrency. Cyber Police team has busted the gang and nabbed three more members of the racket,” Cuttack DCP, Khilari Rishikesh Dnyandeo, said.

“Based on a complaint received from a victim who was duped of around Rs 13.72 lakh, the cyber police team had launched a detailed probe and earlier arrested a man from Rourkela on September 6. Further probe into the fraud is underway,” the DCP added.