Who Was Arrested in the Rs 6 Crore Investment Fraud Case in Odisha?
Synopsis
In a shocking turn of events, a man has been arrested in Bhubaneswar for a staggering Rs 6 crore investment fraud. The Crime Branch of Odisha Police is investigating a complex web of cybercrime that deceived numerous victims across states. Stay tuned as we delve deeper into the intricacies of this case.
Key Takeaways
Odisha Police investigating a significant cyber fraud case.
The accused misrepresented themselves as a professional from IBM .
Victim was convinced to invest in a trading platform.
A total of Rs 6 crore was lost to the scam.
Multiple arrests made in connection with the case.
Bhubaneswar, Feb 2 (NationPress) The Crime Branch of the Odisha Police has apprehended a suspect from Bhubaneswar linked to a staggering Rs 6 crore investment fraud, as confirmed by a senior police official on Monday.
The accused cyber criminal, named Vedgiri Srinivasrao, 39, hails from the Guntur area of Andhra Pradesh.
According to police reports, a businessman from Berhampur in the Ganjam district became entangled with an unidentified cyber fraudster on the social media platform Facebook on May 7, 2024. The fraudster claimed to be a Software developer associated with IBM, Hong Kong, and persuaded the victim to switch to WhatsApp for further communication.
This female cybercriminal, identified as Sanjana Srinivasan, informed the victim that her IBM team was working on establishing a data centre at ZAIF for digital currency exchange. She convinced the businessman to open a trading account with ZAIF to engage in trading activities. Further investigation revealed that by May 30, 2024, the victim's trading account reflected a negative balance of $11,292. When he reached out to Sanjana, she suggested that he invest additional funds to recoup his losses. Consequently, the victim continued trading, which led to fluctuating account profits and losses that were only displayed in the account.
“When he sought to withdraw his earnings, ZAIF's customer service requested a 20 percent fee on the remaining balance. Therefore, he transferred Rs 89 lakh, but the risk control team continually refused to release his funds under various pretenses. It was then that he realized he had fallen victim to a meticulously orchestrated scheme by unknown cyber fraudsters, the ZAIF Trading Company, and their accomplices,” disclosed the senior police official.
The victim reportedly transferred a total of Rs 6,16,37,084 to various accounts as directed by Sanjana Srinivasan between May 23 and June 24, 2024.
In response to the victim's complaint, the Crime Branch commenced an investigation, officially registering the case on July 9, 2024. Following a thorough analysis of transaction records and digital evidence, the police successfully apprehended Srinivasrao in Bhubaneswar.
This investigation had previously led to the arrest of six other suspects, five of whom were detained in Surat, Gujarat, while one was captured in Ludhiana, Punjab.
Point of View
This incident underscores the urgent need for heightened awareness and preventive measures against cyber fraud. The implications of such scams are far-reaching, affecting not only individual victims but also the integrity of investment platforms. As cybercriminals become increasingly sophisticated, it's imperative for law enforcement and financial institutions to collaborate effectively to combat this pervasive threat.
NationPress
9 May 2026
Frequently Asked Questions
What was the amount involved in the fraud?
The total amount involved in the investment fraud was Rs 6 crore.
Who is the accused in this case?
The accused has been identified as Vedgiri Srinivasrao, a 39-year-old from Guntur, Andhra Pradesh.
How did the fraud take place?
The fraudster posed as a software developer from IBM and convinced a businessman to invest in a trading account, leading to significant financial losses.
What actions have the police taken?
The Crime Branch has launched an investigation, leading to the arrest of Srinivasrao and six other suspects involved in the case.
What are the signs of investment fraud?
Signs include unrealistic profit promises, pressure to invest quickly, and difficulties in withdrawing funds.
