BHUBANESWAR: Odisha’s Crime Branch has arrested two men from Punjab—35-year-old Amrit Pal (Sangrur) and 25-year-old Pradeep Soni (Ludhiana), for running separate online investment scams that defrauded victims of a combined ₹9.05 crore. Pal allegedly cheated a Koraput-based contractor out of ₹7.5 crore in December 2024, while Soni lured a retired Odisha banker into investing ₹1.55 crore, under the guise of high-risk but high-yield IPO and over-the-counter (OTC) schemes.
Victims were enticed via encouraging calls and messages as the fraudsters promised lucrative returns. Once the funds were transferred, the scammers demanded additional money under various pretexts and eventually blocked contact altogether.
Digital Forensics Crack Case Amid Bright Red Flags
Using digital-trail analysis and forensic banking investigations, Odisha’s cybercrime unit tracked suspect accounts in Punjab tied to the fraudulent investment schemes. In Pal’s case, investigators uncovered ₹7.5 crore siphoned out across multiple transfers. In Soni’s incident, ₹1.55 crore was similarly traced.
Both accused were swiftly taken into custody—Pal from Sangrur and Soni from Ludhiana—via transit remand and remands in Odisha’s judicial courts. They have been formally charged under relevant provisions of the Bharatiya Nyaya Sanhita and Sections 66-C and 66-D of the Information Technology Act.
Broader Fraud Patterns and Public Warnings
Recurring Modus Operandi
This case aligns with a broader trend of online “too good to be true” investment lures. Investigators note rapid-fire calls, pressure tactics, and systematic defrauding across state boundaries—all facilitated through digitised banking and mobile platforms. Similar schemes have seen scams ranging from ₹1 crore to multi-crore levels, particularly targeting financially trusting individuals.
Crime Branch Issues Urgent Alert
Authorities have issued a public warning: suspicious investment offers on IPOs or OTC platforms via WhatsApp, calls, or social media should be verified through registered financial institutions. Citizens are urged to confirm legitimacy before transferring funds and to immediately contact the cybercrime helpline at 1930 if approached or defrauded.
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What Lies Ahead?
Odisha’s Crime Branch plans to trace the complete network, potentially spanning other states. They will conduct forensic audits of bank accounts, identify additional fraudulent operators, and possibly freeze assets. With multiple arrests underway, the case marks a firm stance against cyber-enabled financial crimes that exploit interstate connectivity and trust.
About the Author – Sahhil Taware is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.