Info@NationalCyberSecurity
Info@NationalCyberSecurity

Three directors of fintech companies arrested on charge of cyber fraud | #cybercrime | #infosec


Image for representational purposes for cyber crimes Photo | Express Illustrations

BARGARH: The Cyber Crime Unit of Crime Branch, Odisha arrested three persons in connection with a Crypto Investment fraud on Wednesday. The accused were running Fintech Companies and became a part of cyber frauds by facilitating quick transfer of money to the virtual accounts of cyber criminals.

The arrested persons have been identified as Sumit Kumar Das and Amiya Ranjan Satpathy of Bargarh who are directors of a Fintech Company ‘PayInc’ besides Sidharth Satpathy of Bhillai, Chhattisgarh, the director of ‘Fynpe’.

According to a release issued by Crime Branch, on May 5 last year, a victim reported that he had received a WhatsApp call from a stranger suggesting to subscribe to a YouTube channel link for earning money. After that she gave him a Telegram contact for further process. Then the victim frequently received messages through Telegram App enticing to invest money for high returns. Subsequently, the victim was lured by the offer and started investing money believing that he was going to get higher returns. The complainant deposited more than Rs 54.75 lakh in between May 6, 2023 and May 23, 2023 to get high returns, the release added.

“When the fraudsters pursued him for more money without any return, the complainant reported the matter with Cyber Police Station at Crime Branch Cuttack. On his complaint, a case was registered under various sections of the IPC besides section 66-C and 66-D of IT Act, 2000 and a team of officers led by Inspector Geetanjali Jena began investigation into it,” the release stated.

Online verification of the National Cybercrime Reporting Portal (NCRP) of Indian Cybercrime Coordination Centre (I4C), Ministry of Home Affairs revealed that apart from this case, 26 other complaints from different parts of the country have been registered against the registered bank account of Fynpe and 18 against PayInc throughout India. Eventually, during the course of action, the involvement of the three accused was ascertained and they were arrested on Wednesday.

In recent years, there has been a concerning increase in cases of investment fraud, with perpetrators often utilising WhatsApp or Telegram groups to defraud people by promising unrealistic returns and encourage individuals to deposit money into suggested accounts.

The Cyber Crime Unit of Crime Branch has appealed the citizens to exercise necessary precaution while engaging in online investment activities.



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