The Crime Branch (CB) of Odisha Police arrested two men from Punjab for orchestrating an online trading fraud worth Rs 9.05 crore. The accused have been identified as Amrit Pal from Sangrur and Pradeep Soni from Ludhiana.
The arrests followed complaints from victims who were lured into investing in Initial Public Offerings (IPOs) and Over-the-Counter (OTC) trading platforms, with promises of high returns.
In one case, a Koraput resident was convinced to transfer Rs 7.50 crore despite suffering initial losses. When the victim tried to withdraw funds, the fraudsters denied the request and demanded more money. Realizing it was a scam, the victim lodged an FIR.
The Cyber Crime wing of the Crime Branch analyzed transaction records and digital evidence, which led to the arrest of Amrit Pal. He was brought from Sangrur and produced before the SDJM court in Jeypore.
Pradeep Soni allegedly used a similar method to defraud another victim of Rs 1.55 crore. He was produced before the SDJM Court in Bhubaneswar.
Investigations continue as authorities work to trace more suspects and recover the defrauded money.
