The Crime Branch of Odisha Police has arrested a man named Ganesh K Setty from Bengaluru for allegedly duping an Odisha resident of Rs1.03 crore by luring him into a fake IPO and OTC trading scheme.
According to officials, the victim was persuaded by cyber fraudsters to invest in Initial Public Offerings (IPO) and Over-the-Counter (OTC) trading with promises of high returns. Despite suffering initial losses, the victim was convinced to continue investing, ultimately transferring Rs1,03,50,000.
When he attempted to withdraw his funds, the fraudsters demanded additional payments and refused to return the money. Realizing he had been scammed, the victim lodged an FIR, prompting a detailed investigation by the Crime Branch.
After analyzing transaction records and digital evidence, investigators traced the accused to 8th Main Road, BCC Layout, Bengaluru. A team arrested Ganesh K Setty, who is believed to be one of the key players in the scam.
Setty was produced before a Bengaluru court, and after obtaining transit remand, he was brought to Cuttack and presented before the JMFC-III Court, which subsequently rejected his bail and sent him to judicial custody.
The case remains under investigation, with authorities probing further links in the scam network.
