The Cyber Crime Unit of the Crime Branch, Odisha, has arrested three individuals in connection with a crypto investment fraud case involving a total loss of Rs 54.75 lakh. The accused were allegedly running fintech companies that facilitated fraudulent transfers to virtual accounts linked to cyber criminals.
The arrested suspects have been identified as Sumit Kumar Das and Amiya Ranjan Satpathy, both directors of the fintech company PayInc, based in Bargarh. The third accused, Sidharth Satpathy, the director of another fintech company, Fynpe, was arrested in Bhilai, Chhattisgarh.
According to a release issued by the Crime Branch, the fraud began on May 5, 2023, when the victim received a call via WhatsApp from an unknown individual who suggested subscribing to a YouTube channel to earn money. Afterward, the victim was directed to a Telegram contact for further investment opportunities. The victim was continuously enticed by messages offering high returns on investments.
Between May 6 and May 23, 2023, the victim deposited over Rs 54.75 lakh, believing that he would receive substantial profits. However, after investing a large sum, the victim received no returns, prompting him to report the matter to the Cyber Police Station in Cuttack.
Upon receiving the complaint, the police initiated an investigation under various sections of the Indian Penal Code and the Information Technology Act, 2000. Through online verification with the National Cybercrime Reporting Portal (NCRP) and the Indian Cybercrime Coordination Centre (I4C), it was discovered that the Fynpe and PayInc accounts were linked to at least 26 complaints across India against Fynpe and 18 against PayInc.
As the investigation progressed, the involvement of the three suspects became clear, and they were subsequently arrested on Wednesday. The Crime Branch is now working to trace any further victims and expand the investigation into the wider network of fraudsters involved.
