Bhubaneswar, Odisha | The Odisha Police Crime Branch has arrested a man from Andhra Pradesh for his alleged involvement in a large-scale online investment fraud case, officials confirmed on Monday. The accused has been identified as Vedgiri Srinivasrao (39), a native of Guntur district in Andhra Pradesh.
According to Crime Branch officials, the case has already resulted in the arrest of six individuals, including five from Surat, Gujarat, and one from Ludhiana, Punjab, in connection with the scam. Srinivasrao’s arrest comes as part of ongoing investigations into a well-planned cyber fraud network operating across multiple states.
The victim, a businessman, was reportedly contacted by the accused through a social media platform, where he was persuaded to invest and trade with the organisation operated by the cyber fraud gang. Between May 23 and June 24, 2024, the victim transferred a total of ₹6.16 crore to various accounts, as instructed by a member of the fraud syndicate.
When the victim attempted to withdraw the invested amount, the customer support of the fraudulent firm demanded 20% of the balance as a precondition. The victim deposited ₹89 lakh in response, but the fraudsters continued to refuse to release the funds, citing multiple pretexts, indicating a systematic and organised scheme to defraud investors.
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Upon realising that he had fallen prey to a complex online conspiracy, the victim lodged a complaint at the cybercrime police station, prompting the Crime Branch to investigate and eventually arrest a total of seven accused individuals, including Srinivasrao.
Officials noted that the operation involved coordinated multi-state efforts and digital platforms to facilitate the transfer and concealment of funds. The arrests highlight the increasing sophistication of cyber investment scams in India, which exploit social media outreach and online banking to target unsuspecting investors.
The Crime Branch has stated that further investigation is underway, including tracking additional accounts and digital transactions linked to the syndicate. Authorities are also examining potential international connections and the broader network involved in this cyber fraud.
This case underscores the challenges law enforcement agencies face in tackling online financial fraud, as criminals leverage technology, social media, and complex banking channels to execute large-scale scams. Officials have urged the public to exercise caution, thoroughly verify investment platforms, and report any suspicious online financial activity immediately.
With increasing cyber fraud incidents across India, coordinated police action and cross-state investigation remain crucial for bringing perpetrators to justice and recovering defrauded amounts.
