Odisha: The Odisha Crime Branch Cyber Police have arrested Vedgiri Srinivasrao (39) from Andhra Pradesh in connection with a high-value online investment fraud involving the fake cryptocurrency trading platform ZAIF.
The scam came to light when a businessman was contacted on Facebook by a woman claiming to be Sanjana Srinivasan, a software developer at IBM, Hong Kong. She persuaded him to communicate via WhatsApp and convinced him to open a trading account on ZAIF. Between May 23 and June 24, the victim transferred over Rs 6.16 crore to multiple accounts as instructed.
The investigation, led by Inspector Rajendra Bhola, revealed that when the victim attempted to withdraw funds, he was asked to pay 20% of the balance. After depositing Rs 89 lakh, the so-called “risk control team” refused to release the money under various pretexts. Realizing he had been duped, the victim lodged a complaint at the Cyber Crime Police Station.
Acting on the complaint, the Cyber Crime Police launched an investigation and identified Vedgiri Srinivasrao as a key suspect, seizing mobile phones, SIM cards, and other incriminating evidence. Earlier, six other accused had already been arrested in the case — five from Surat and one from Ludhiana, Punjab.
Authorities have warned citizens to exercise caution with unsolicited investment offers on social media and messaging apps, verify credentials before investing, and report suspicious activity via the 1930 Cyber Helpline or the nearest police station.
