India, April 30 -- A man has been sentenced to seven years in prison by the Balasore OPID (Odisha Protection of Interests of Depositors) Court for defrauding hundreds of investors of 1.13 crore through a fraudulent crypto investment scheme.

The convict, Nilesh Kar, was also fined 2.35 lakh by the court. In case of non-payment, he will serve an additional two years in jail.

The case was initiated based on a complaint filed by Mahamanya Jena, a resident of Sahadebkhunta. Per the complaint, Kar lured Jena into investing 2,13,038 between January and March 2023 through the Cloud Foot app and website, promising high returns. Jena was assured a payout of 50,57,117. However, the platform abruptly shut down, leaving him unable to recover his mo...