The Cyber Crime Unit of the Crime Branch in Odisha has arrested three directors of fintech companies involved in a cryptocurrency investment scam that defrauded a victim of over Rs54.75 lakh. The arrests were made in Bargarh, Odisha, and Bhilai, Chhattisgarh, following a detailed investigation.
The arrested individuals are: Sumit Kumar Das and Amiya Ranjan Satpathy from Bargarh, directors of the fintech company ‘PayInc’,Sidharth Satpathy from Bhilai, director of ‘Fynpe’.
The arrests were prompted by a complaint filed by a victim who had been lured into investing in a fraudulent cryptocurrency scheme. According to the victim, he was first contacted by an unknown number on WhatsApp and persuaded to subscribe to a YouTube channel that promised high returns on cryptocurrency investments. Soon after, the conversation shifted to Telegram, where he was convinced to invest large sums of money.
Between May 6, 2023, and May 23, 2023, the victim invested Rs54.75 lakh based on the false assurances of lucrative returns. However, when the promised returns never materialized, and the fraudsters demanded more money, the victim reported the matter to the Cyber Police Station at Crime Branch Cuttack.
A case was filed under various sections of the IPC and the IT Act, including Sections 66-C and 66-D, and an investigation was initiated under the leadership of Inspector Geetanjali Jena. Further inquiries revealed that both ‘Fynpe’ and ‘PayInc’ had received multiple complaints via the National Cybercrime Reporting Portal. 26 complaints were registered against Fynpe, and 18 complaints against PayInc, from victims across India.
The Crime Branch has advised the public to exercise extreme caution when dealing with online investment opportunities, especially those promoted through platforms like WhatsApp and Telegram. They urge individuals to conduct thorough checks before engaging in any online financial activity and to avoid falling into such investment traps.