Over Rs 2 crore siphoned off in massive investment fraud in Cuttack; victims seek help of EOW and cyber police

A major investment fraud syndicate has come under scrutiny after five youths from Cuttack alleged that they were cheated of more than Rs 2 crore collectively by a group that promised high returns through investments linked to various government schemes.

The victims approached the Economic Offences Wing (EOW) and the state police cyber cell on Saturday seeking investigation and recovery of their money.

According to the complaint, the alleged fraud dates back nearly three years, when the accused reportedly approached the victims with offers of investing in projects claiming official backing and overseas business linkages. The youths were allegedly lured with assurances of unusually high returns from domestic and international investments.

Alleged Fraud Built On Initial Payouts

Sources reported that the accused initially returned small amounts to the investors to build confidence before persuading them to invest substantially larger sums. Once the money crossed into crores, the accused allegedly stopped responding and became untraceable.

The complainants alleged that three key members of the syndicate alone siphoned off over Rs 2 crore. Each victim is said to have invested between Rs 60 lakh and Rs 70 lakh after repeated meetings and assurances.

Names And Locations Cited In Complaint

In their complaint, the victims named Prabhu Prasad Sethi of Baunsagali under Dargha Bazar area in Cuttack, along with Lakisha Kyal of Nimchouri and Ankit Chachra, as the main individuals who convinced them to invest.

The accused allegedly met the victims at multiple locations and presented documents, videos and photographs to support their claims.

The investments were projected as part of government-supported ventures involving export of agricultural products and pork to international destinations such as Dubai and Singapore, the complainants alleged.

The victims alleged that the use of official-sounding schemes and claims of government collaboration played a key role in convincing them to part with their savings.

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Sources confirmed that complaints have been received by the EOW and the state cybercrime unit. Preliminary verification is underway to examine financial transactions, digital communication records and the identities of the accused.

As of the last reports, no arrests have been reported so far, and police have not issued any official statement on the progress of the investigation.