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The Cyber Wing of the Odisha Crime Branch has uncovered a digital trading scam worth more than ₹7 crore, leading to the arrest of two individuals from Punjab and Andhra Pradesh. The accused, identified as Bittu Kumar (41), a native of Gorakhpur currently residing in Ludhiana, Punjab, and Chapalamadugu Sudheer Kumar (33) of Andhra Pradesh, allegedly duped unsuspecting investors through fraudulent investment schemes in digital currency exchanges, IPOs, and OTC trading platforms.
The arrests were made following two separate complaints filed by victims who were lured with promises of high returns but lost substantial sums in the process.
Rs 6.16 Crore Scam Exposed
The first complaint involved a citizen who reported losses of ₹6.16 crore. According to investigators, the victim was persuaded to invest in trading platforms that falsely claimed to deal in IPOs, OTC transactions, and the cryptocurrency USDT (Tether). Despite incurring initial losses, the victim was misled into investing more funds based on fabricated assurances of recovery. When he attempted to withdraw his investment, the fraudsters demanded additional payments, refusing to release the money.
Following an extensive probe, a team led by DySP Ratnaprava Satpathy tracked digital footprints and financial trails to Ludhiana, Punjab. The raid resulted in the arrest of Bittu Kumar, along with the seizure of multiple mobile phones, SIM cards, debit cards, and other incriminating materials.
Kumar was produced before a local court in Ludhiana, granted transit remand, and later brought to Odisha to face charges under various sections of the IPC and the Information Technology Act, 2000.
Second Victim Defrauded of Rs 1.01 Crore
In a separate case, Sudheer Kumar allegedly conned another victim of ₹1.01 crore using a similar modus operandi. The victim invested in supposed IPO and OTC platforms only to discover the fraud when withdrawals were blocked. Inspector Bibhu Ranjan Sundaray traced the accused to Guntur, Andhra Pradesh, where a raid led to the seizure of electronic devices, SIM cards, bank passbooks, and cheque books. Sudheer Kumar was arrested, presented before the Special Mobile Court in Guntur, and subsequently brought to Odisha under transit remand. Authorities have charged him under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the IT Act, 2000.
The Odisha Crime Branch has cautioned investors to exercise vigilance when dealing with online trading platforms and to verify the legitimacy of digital investment opportunities before committing funds.
