New Delhi, Aug 10 (PTI) A 33-year-old man was arrested in Odisha for allegedly duping a Delhi resident of Rs 4.75 lakh on the pretext of stock market and IPO investments, police said on Monday.
The accused, identified as Subrat Kumar Sahoo, a resident of Bhubaneswar, was arrested following a technical and financial investigation, they said.
According to the police, the complainant was added to a group where the accused and his associates posed as stock market experts and induced him to invest money by promising high returns.
The fraudsters initially showed fake profits on an investment platform to gain his confidence, following which the complainant transferred Rs 4.75 lakh through UPI and net banking, the police said.
When he tried to withdraw
the purported profits, the accused demanded another Rs 12 lakh as processing and withdrawal charges. The victim then realised he had been cheated and approached the police.
“Investigation revealed that around Rs 3.75 lakh of the cheated amount was transferred to a corporate bank account, which was linked to Sahoo and another accused,” a senior police officer said.
The account received around Rs 2.97 crore in transactions over two months and was linked to 17 cyber fraud complaints registered across India.
The police said Sahoo had allegedly arranged around seven bank accounts, including corporate and savings accounts, to facilitate suspicious transactions. Further investigation into the matter is underway. PTI BM SHS
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