The Odisha Crime Branch has busted a sophisticated fake Initial Public Offering (IPO) trading scam, arresting two accused from Maharashtra for cheating an Odisha man of Rs6.04 crore.
The accused, Swapnil Goraksha Dhokale and Azaz Shafiq Shaikh, were apprehended from Mumbai and Pune after thorough analysis of transaction trails and digital evidence by the Crime Branch sleuths.
According to officials, the victim was lured with promises of high returns through investments in IPO and Over-the-Counter (OTC) trading. Persuaded to invest heavily, the victim transferred Rs6.04 crore. Although initial losses were reported, the fraudsters convinced him to invest more. When he sought to withdraw funds, they demanded additional money and refused to release his investments.
Realizing the deception, the victim filed an FIR. The accused were brought to Cuttack under transit remand and appeared before the Sub-divisional Judicial Magistrate Court, which denied their bail and remanded them to jail custody.
