Odisha Crime Branch Arrests Andhra Man in ₹6.16 Crore Online Trading Scam

Bhubaneswar: The Odisha Crime Branch has arrested a 39-year-old man from Guntur, Andhra Pradesh, for his alleged involvement in a massive online investment fraud amounting to Rs 6.16 crore.

According to officials, the accused, identified as Vedgiri Srinivasrao, was part of a network that duped a businessman from Berhampur through a fake trading platform named ZAIF.

The victim was initially contacted by a woman claiming to be an IBM software developer via Facebook. She persuaded him to invest in the platform, which falsely displayed profits to lure further deposits.

Between May and June 2024, the businessman transferred large sums of money. When he attempted to withdraw, the platform demanded a 20% deposit.

Despite paying an additional Rs 89 lakh, the victim was unable to access his funds.

Following a complaint lodged at the Cyber Crime Police Station, Inspector Rajendra Bhola led the investigation, analysing digital evidence and financial transactions.

Srinivasrao was tracked down and arrested, with police seizing mobile phones, SIM cards, and other incriminating materials.

He was produced before the SDJM Court in Berhampur under relevant sections of the IPC and IT Act. Six other accused had already been arrested earlier—five from Surat and one from Ludhiana.

Authorities have urged citizens to remain cautious of unsolicited investment offers on social media and messaging platforms.

Victims of cyber fraud are advised to report incidents immediately to the 1930 Cyber helpline or the nearest police station.