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The Cyber Crime Unit of the Crime Branch in Odisha arrested three directors of fintech companies for involvement in a cryptocurrency investment scam. The arrests took place in Bargarh, Odisha, and Bhilai, Chhatisgarh.
The individual taken into custody are Sumit Kumar Das, and Amiya Ranjan Satpathy from Bargarh, who serve as directors of the fintech company ‘Paylnc’, and Sidharth Satpathy from Bhilai, who is director of ‘Fynpe’. The arrests came after an extensive investigation initiated by a victim’s complaint last year regarding a questionable investment opportunity that resulted in significant financial losses.
Scammed through social media
The victim recounted how he initially received a WhatsApp call from an unknown number, where he was convinced to subscribe to a YouTube channel that promised financial gains. The conversation then transitioned to Telegram, where he was lured into investing money for high profits. Between May 6, 2023, and May 23, 2023, the victim invested a total of Rs 54.75 lakh, hoping for substantial returns that never materlized.
Upon realising that the fraudsters were persistently demanding more money without delivering any returns, the complainant promptly reported the incident to the Cyber Police Station at Crime Branch Cuttack. As a result of the complaint, a case was registered under various sections of the Indian Penal Code, as well as section 66-C and 66-D of the Information Technology Act, 2000. Inspector Geetanjali Jena and her team of officers were assigned to investigate the matter, as mentioned in the official release.
More complaints were registered…
The online validation of the National Cybercrime Reporting Portal (NCRP) of the Indian Cybercrime Coordination Centre (I4C), Ministry of Home Affairs, revealed that, besides this particular case, 26 other complaints from various regions of the country have been lodged against the registered bank account of Fynpe and 18 against PayInc across India. Subsequently, the involvement of the three accused was confirmed during the investigation leading to their arrest on Wednesday.
In recent times, there has been a troubling rise in investment fraud cases, with fraudsters frequently using WhatsApp or Telegram groups to deceive individuals by promising unrealistic returns and persuading them to deposit money into designated accounts.
The Cyber Crime Unit of the Crime Branch has urged citizens to take necessary precautions when engaging in online investment activities.
Rising Cyber Crimes in India
India has been ranked as the 10th country in cybercrime according to the ‘World Cybercrime Index’, with the most common type of fraud being advance fee payment scams. The global cost of cybercrime is projected to increase significantly in the next four years, reaching $13.82 trillion by 2028, as estimated by Statista’s Market Insights.
Ways to stay safe from cybercrime
- Ensure that you have anti-virus software installed on your device and regularly update it to stay ahead of potential threats.
- When step away from you computer, make habit to lock or log off to prevent unauthorised access.
- Go offline if there is no need of internet.
- Use strong password and security services to secure your device and online transactions.
- Do not open attachment in spam mails.
- Do not open any link in spam mails or websites it may lead to malicious content or phishing attempts.
- Provide your personal information to only trusted and safe platforms and do not share personal information unless it is necessary.
- Directly contact companies if you receive any suspicious request to verify it.
- Be mindful of URLs you visit.
- Regularly monitor your bank statement to detect any unauthorised transaction.
- Exercise caution when sharing personal information on social media platforms, as it can lead to cyber threat.
