Bhubaneswar, May 20 (IANS) The Odisha Police arrested a cyber fraudster from Hyderabad in Telangana for duping a person to the tune of over Rs 47 lakhs on the pretext of share trading, informed the crime branch in a press statement on Tuesday.

It further added that the victim, who hails from Cuttack city on May 21, 2024, lodged a complaint alleging that he was defrauded by unknown cyber fraudsters on the pretext of a higher return by investing in IPO and OTC trading.

The complainant also noted that the cyber criminals persuaded him to trade in IPO and OTC, leading him to transfer Rs 47, 20,000 into the accounts provided by the accused persons.

Despite initial losses, he was convinced by the fraudsters to invest more in online trading. When the victim attempted to withdraw the amount, the cyber criminals demanded additional money and refused to release his funds.

The victim soon realised that he had fallen prey to the cyber fraudsters and later lodged a case in this regard.

Subsequently, the crime branch launched an investigation and analysed the transaction details and worked upon other digital evidence related to the case.

The cops have finally arrested one cybercriminal identified as Syed Iqbal Hussain (45) from Hyderabad in Telangana. “The accused person and his associates represented themselves as trade analysts, and so far, it is revealed that the above accused persons cheated the complainant to the tune of Rs 47,20,000 on the plea of IPO, Shares, OTC Trading,” the crime branch further added.

The accused person was brought on transit remand to Odisha and was forwarded to the Court in Cuttack on Tuesday. The investigating team also seized various incriminating articles, including Mobile Phones, SIM Cards, Screenshots of Chats in WhatsApp, Aadhar Cards etc. The cops have already frozen several bank accounts of the fraudsters.

–IANS

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