Cuttack Police Bust Inter-State Cyber Gang Running Fake Trading App Scam
Cuttack: In a major breakthrough against financial fraud, Cuttack police have arrested seven individuals, including three gang leaders and four bank employees, for their involvement in a fake trading app scam that siphoned crores of rupees from unsuspecting investors.
The gang lured victims through social media advertisements promoting lucrative trading schemes. Initially, small returns were offered to gain trust, but once larger investments were made, accounts were blocked and funds diverted.
Investigations revealed that the fraudsters used forged documents to open accounts under shell companies such as Mahakali Construction Pvt Ltd and Priya Fintech.
They also purchased SIM cards with fake IDs, which were later destroyed to cover their tracks.
Police seized assets worth Rs 90 lakh across multiple accounts, along with 69 mobile phones, laptops, desktops, 215 SIM cards, 554 bank passbooks, 702 debit/credit cards, vehicles, and cash.
Shockingly, employees from Utkars SFB, Bandhan Bank, Axis Bank, and Surjyodaya Small Finance Bank were found to have assisted the gang in facilitating fraudulent transactions.
The gang had previously defrauded victims in Bihar and Uttar Pradesh.
A special team led by Cuttack police and cyber cell officers carried out the arrests and confiscations, marking one of the largest cyber fraud crackdowns in Odisha.
