India, Dec. 20 -- A major investment fraud syndicate has come under scrutiny after five youths from Cuttack alleged that they were cheated of more than Rs 2 crore collectively by a group that promised high returns through investments linked to various government schemes.

The victims approached the Economic Offences Wing (EOW) and the state police cyber cell on Saturday seeking investigation and recovery of their money.

According to the complaint, the alleged fraud dates back nearly three years, when the accused reportedly approached the victims with offers of investing in projects claiming official backing and overseas business linkages. The youths were allegedly lured with assurances of unusually high returns from domestic and interna...