Bhubaneswar, July 9 -- The Criminal Investigation Department (CID) of Odisha police arrested a man from Punjab on the charge of defrauding a victim of Rs. 7.50 crore in Odisha's Koraput district on the pretext of higher return in a fake Initial Public Offering (IPO) scheme.
A complaint was lodged by a citizen that he was defrauded by unknown cyber fraudsters on pretext of higher return and investing in IPO and OTC trading., CID sleuths said.
They persuaded him to trade in IPO and OTC, leading him to transfer Rs 7.50 crore. Despite initial losses, he was convinced to invest more, but when attempting to withdraw, they demanded additional money and refused to release his funds. He realised it was a scam and lodged an FIR.
The investigating ...