Odisha Crime Branch arrests Andhra man in ₹7 crore cyber investment fraud case

The Crime Branch of the Odisha Police has arrested a man from Andhra Pradesh for his alleged role in a large-scale cyber investment fraud that duped an Odisha-based businessman of over ₹7 crore , an officer said on Monday.

The arrested accused has been identified as Vedgiri Srinivasrao (39) , a resident of Guntur district in Andhra Pradesh. With his arrest, the total number of accused held in the case has risen to seven . Earlier, six persons, five from Surat in Gujarat and one from Ludhiana in Punjab were arrested, indicating the presence of a well-organised inter-state cyber fraud network, officials said.

According to Crime Branch officials, the fraudsters initially contacted the victim, a businessman by profession, through a social media platform , where they posed as representatives of a legitimate online trading organisation . The gang gradually gained his trust and persuaded him to invest, maintaining regular contact through digital messaging and fake customer-care support systems .

Between May 23 and June 24, 2024 , the victim transferred ₹6.16 crore to multiple bank accounts provided by the fraudsters. When he attempted to withdraw the amount, the scammers demanded an additional 20 per cent of the balance as processing charges . Believing the assurances, the victim deposited a further ₹89 lakh , but the fraudsters continued to delay the release of funds on one pretext or another.

After realising that he had fallen victim to a well-planned cyber fraud , the businessman lodged an FIR at the cybercrime police station , triggering a multi-state investigation.

Police said several bank accounts linked to the accused have been identified and frozen , and efforts are under way to trace fund flows and recover the defrauded amount, though the exact quantum recovered so far was not disclosed.

The Crime Branch has issued a public warning urging people to remain cautious of investment offers circulated through social media and messaging platforms, advising investors to verify the authenticity of trading firms and avoid transferring money to unknown or unverified bank accounts. Further investigation is in progress, the officer added.