The Odisha Crime Branch Cyber Crime Unit has busted a massive ₹9 crore investment scam, arresting two cyber fraudsters from Punjab involved in fake IPO and Over-The-Counter (OTC) trading schemes.
The accused, identified as Amrit Pal from Sangrur and Pardeep Soni from Ludhiana, were tracked down after detailed investigation and digital forensics. They were taken into custody by the CID team led by Inspector Namita Kumari Sahu, following complaints registered under CID CB Cyber Crime PS Case Nos. 60/2024 and 13/2025.
The scam involved convincing victims through online platforms to invest in fraudulent IPOs and OTC trading with false promises of high returns. Once the victims deposited large sums, the fraudsters refused to release the invested money and demanded further payments under the guise of withdrawal charges.
Two victims were severely affected, with one losing ₹7.5 crore and another ₹1.55 crore through these well-planned digital fraud tactics. The accused were presented before local courts in Punjab and then brought to Odisha on transit remand.
They have been charged under various sections of the Bharatiya Nyaya Sanhita, 2023, along with relevant provisions of the Information Technology Act, 2000.
The Cyber Crime Branch has urged the public to remain vigilant and avoid engaging with unsolicited investment schemes received through social media or messaging apps. Officials have encouraged victims of such frauds to immediately report incidents to the 1930 cybercrime helpline or visit the nearest police station.
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