Odisha Crime Branch arrested seven cyber fraudsters involved in a massive Rs 1.4 crore IPO investment scam and recovered Rs 4 lakh from their possession. The accused hail from Karnataka and Tamil Nadu, identified as Jyothi Raju (39), Raju C (34), Ismail Rahaid (27), Vasim (28), Pattaraja S (34), Jegatheesh Radhakrishnan (40), and E Sakthikumaravel (50).
The arrested individuals were presented before various courts in Bangalore, Shivmoga, and Periyapatna and are now being brought on transit remand to Odisha.
The complainant reported that cyber fraudsters lured him with promises of high returns through IPO and OTC trading investments. Between November 13, 2024, and January 1, 2025, he transferred Rs 1.4 crore. Despite initial losses, the fraudsters convinced him to invest further. When the complainant tried to withdraw funds, they demanded more money and refused to release the amount.
An FIR was lodged with the cyber police station, leading to a probe by the Crime Branch. Investigators seized mobile phones, Aadhaar cards, and bank documents. So far, Rs 15 lakh has been frozen in the fraudsters’ accounts, and Rs 4 lakh recovered from them. The police are tracing the criminal network and money trail as the investigation continues.
