Cuttack: In connection with two separate cyber fraud cases involving a total defrauded amount of over ₹7 crore, the CID Crime Branch of Odisha Police arrested three individuals from outside the State.

In the first case, registered at the Cyber Crime Police Station in April 2024, the complainant alleged being duped by unknown individuals who promised high returns through investments in IPOs and OTC trading. Enticed by the lucrative offers, the victim invested ₹1,03,50,000 despite suffering initial losses. The fraudsters continued to manipulate the complainant into investing more money, and later demanded additional payments when the complainant attempted to withdraw the funds.

Realising he had been cheated, the complainant lodged a formal complaint. The Crime Branch, after analysing transaction records and digital evidence, identified and arrested Ganesh K Shetty from Bengaluru. He was produced before a court in Bengaluru, granted transit remand, and brought to Cuttack. Shetty was then forwarded to the JMFC-III Court today under Sections 419, 420, 465, 467, 468, 471, 120(B), and 34 of the IPC, read with Sections 66-C and 66-D of the IT Act, 2000.

In the second case, two persons were arrested from Maharashtra. The complainant had transferred ₹6,04,53,000 to fraudsters under the impression of investing in IPOs and OTC trading schemes. Similar to the first case, the fraudsters later demanded more money when the complainant sought to retrieve the funds. An FIR was subsequently lodged in January 2025.

Based on digital trail analysis, the Crime Branch tracked down the accused — Swapnil Goraksha Dhokale from Pune and Azaz Shafiq Shaikh from Mumbai. Both were arrested and produced before local courts, granted transit remand, and brought to Cuttack. They were later presented before the SDJM, Bhubaneswar today under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the BNS, along with Sections 66-C and 66-D of the IT Act, 2000.

Earlier, three other accused individuals linked to the same fraud network were arrested from West Bengal.