A coordinated cybercrime investigation has led to the arrest of a man from Andhra Pradesh in connection with a large-scale online investment fraud, as the Odisha Police Crime Branch intensifies action against organised digital scams.
Officials said the accused, Vedgiri Srinivasrao (39) from Guntur district, was taken into custody for his alleged role in a cyber investment fraud operating across multiple states. His arrest is part of an ongoing probe into a syndicate that targeted investors through social media platforms.
According to the Crime Branch, the case has so far resulted in the arrest of 7 accused, including 5 individuals from Surat, Gujarat, and 1 from Ludhiana, Punjab. Investigators said the network relied on digital platforms and coordinated banking channels to execute and conceal fraudulent transactions.
The victim, a businessman, was approached through a social media platform and persuaded to invest and trade with an organisation run by the fraud group. Between May 23 and June 24, 2024, the victim transferred a total of ₹6.16 crore to multiple bank accounts, following instructions from members of the syndicate.
When the victim later attempted to withdraw the funds, the customer support team demanded 20% of the remaining balance as a mandatory charge. The victim paid an additional ₹89 lakh, but the fraudsters continued to block withdrawals using repeated pretexts.
After realising he had been cheated, the victim filed a complaint at the cybercrime police station. The Crime Branch then launched an investigation that led to multiple arrests across states, including Srinivasrao.
Officials said the fraud involved mule accounts, online communication tools and layered digital transactions to move and hide funds. Further investigation is underway to trace additional accounts, analyse digital evidence and identify other individuals linked to the operation, including possible international connections.
Authorities warned that cyber investment scams are becoming increasingly sophisticated and urged the public to verify investment platforms carefully and report suspicious online financial activity immediately.
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