THE Cybercrime Unit of Odisha crime branch arrested three persons earlier this week for their involvement in a cryptocurrency investment scam. The accused, identified as Sumit Kumar Das, Amiya Ranjan Satpathy (directors of PayInc, a Fintech company) and Sidharth Satpathy (director of Fynpe, another Fintech company) allegedly facilitated the transfer of money to the virtual accounts of cybercriminals.
According to a press release from the Crime Branch, a victim reported a WhatsApp call in May 2023 from an unknown number.The caller suggested subscribing to a YouTube channel to make money, then directed the victim to a Telegram contact us for further steps. Through Telegram, the victim was lured into investing with promises of high returns. The victim deposited over Rs 54.75 lakh between May 6 and 23, 2023, in the hope of making substantial profits.
Complaints on the national cybercrime portal linked to these administrators
“When the fraudsters demanded more money without any return, the victim approached the Cyber Police Station of Crime Branch Cuttack,” the statement said. An investigation has been initiated under relevant sections of the IPC and IT Act.
According to the report, online verification of the National Cyber Crime Reporting Portal (NCRP) of the Indian Cyber Crime Coordination Center (I4C), the Ministry of Home Affairs revealed that apart from this case, 26 other complaints from from different parts of the country were registered in the registered bank account of Fynpe and 18 against PayInc all over India. Eventually, during the action, the involvement of the three accused was confirmed and they were arrested on Wednesday.
The press release highlights a worrying increase in investment scams using platforms like WhatsApp and Telegram. Fraudsters lure their victims with unrealistic returns and trick them into depositing money into specific accounts. The Cybercrime Unit urges citizens to exercise caution when engaging in online investment activities.
According to a press release from the Crime Branch, a victim reported a WhatsApp call in May 2023 from an unknown number.The caller suggested subscribing to a YouTube channel to make money, then directed the victim to a Telegram contact us for further steps. Through Telegram, the victim was lured into investing with promises of high returns. The victim deposited over Rs 54.75 lakh between May 6 and 23, 2023, in the hope of making substantial profits.
Complaints on the national cybercrime portal linked to these administrators
“When the fraudsters demanded more money without any return, the victim approached the Cyber Police Station of Crime Branch Cuttack,” the statement said. An investigation has been initiated under relevant sections of the IPC and IT Act.
According to the report, online verification of the National Cyber Crime Reporting Portal (NCRP) of the Indian Cyber Crime Coordination Center (I4C), the Ministry of Home Affairs revealed that apart from this case, 26 other complaints from from different parts of the country were registered in the registered bank account of Fynpe and 18 against PayInc all over India. Eventually, during the action, the involvement of the three accused was confirmed and they were arrested on Wednesday.
The press release highlights a worrying increase in investment scams using platforms like WhatsApp and Telegram. Fraudsters lure their victims with unrealistic returns and trick them into depositing money into specific accounts. The Cybercrime Unit urges citizens to exercise caution when engaging in online investment activities.
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