The Odisha Crime Branch successfully arrested seven cyber fraudsters linked to a massive Rs 1.4 crore IPO investment scam, recovering Rs 4 lakh from their possession. The accused include Jyothi Raju (39), Raju C (34), Ismail Rahaid (27), and Vasim (28) from Karnataka, along with Pattaraja S (34), Jegatheesh Radhakrishnan (40), and E Sakthikumaravel (50) from Tamil Nadu.
All the accused were produced before various courts in Karnataka and are now on transit remand to Odisha. The case was registered under multiple sections of the Indian Penal Code and Information Technology Act, 2000, following a complaint by a Bhubaneswar-based victim on January 13, 2025.
The complainant alleged that he was lured by fraudsters promising high returns through IPO and OTC trading schemes. From November 13, 2024, to January 1, 2025, he transferred a total of Rs 1.4 crore. Despite facing losses, the scammers convinced him to invest more, only to later deny withdrawal requests and demand further payments.
Following the FIR, the Crime Branch launched a thorough investigation, seizing mobile phones, Aadhaar cards, and bank documents from the accused. Additionally, Rs 15 lakh has been frozen in the suspects’ bank accounts, while Rs 4 lakh was recovered from them. The investigation continues as authorities work to dismantle the entire fraud network.
