Bhubaneswar, May 23: The Crime Branch has arrested two individuals from Madhya Pradesh for allegedly defrauding a Bhubaneswar-based man of Rs1.55 crore through an online investment scam. The accused, identified as Tayab Khan (23) and Firoz Khan (36), were apprehended after an extensive investigation into the cyber fraud case.
According to officials, the victim had lodged a complaint at the Cyber Police Station on January 1, 2025, claiming he was duped by fraudsters who posed as trade analysts and promised high returns on online investments. Initially lured by the prospects of becoming a millionaire, the victim transferred Rs1.50 crore and Rs50,000 to the accused over a period of time.
Despite incurring early losses, the fraudsters continued to coax the complainant into investing more, assuring him of lucrative returns. However, when he attempted to withdraw his money, the accused demanded further investment. With no returns forthcoming and realizing he had been conned, the victim approached the police.
Following a detailed probe, the Crime Branch team tracked down the accused in Madhya Pradesh and recovered several incriminating items including mobile phones, SIM cards, Aadhaar and PAN cards. Authorities have also frozen multiple bank accounts linked to the fraud.
The arrests highlight a growing trend of cybercrimes exploiting public interest in online investment schemes, prompting law enforcement agencies to issue repeated warnings against unverified platforms and too-good-to-be-true offers.
Further investigation is ongoing.
