Two arrested in Odisha for alleged involvement in Rs 15 crore crypto swindle

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Bhubaneswar, (Reporterspen), April 15: The Odisha Crime Branch’s Economic Offences Wing (EOW) has arrested two individuals in connection with a cryptocurrency scam amounting to Rs 15 crore. Ved Prakash and Sudhir Patel were apprehended on separate occasions – Prakash in Rajasthan’s Anupgarh on April 10, and Patel in Sundargarh on April 14. According to an EOW statement, several significant documents were seized during the arrests.

The investigation was initiated following a complaint filed by Pram Sagar Khamari, alleging that Prakash and Patel, operating through entities like ENG Crypto, Entice Capital, USDT Club, ADS Exchange, and CRIT 11, defrauded numerous investors, primarily in western Odisha, of over Rs 14 crore by promising substantial returns on cryptocurrency investments.

One of the victims, enticed to invest Rs 48,02,200, received a dismal return of only Rs 20,000.
Throughout 2022, the accused, in collusion with accomplices, conducted extensive promotional activities across Odisha, enticing investors with promises of high returns, including doubling their investments within a short period. They also encouraged investors to bring in more individuals for added benefits. Using fabricated documents such as brochures and schemes, the fraudsters lured investors with high-interest rates, initially paying minimal returns to gain trust before absconding with millions.

The investigation revealed that the fraudsters primarily targeted individuals lacking computer literacy, exploiting their ignorance to convince them to transfer funds directly into accounts under their control.

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