Fintech
Three directors of fintech companies arrested for cyber fraud: Here’s what they have been charged for
The Cyber Crime Unit of Odisha’s Crime Branch arrested three individuals on Wednesday for their involvement in a cryptocurrency investment scam. The accused, identified as Sumit Kumar Das, Amiya Ranjan Satpathy (directors of PayInc, a Fintech company) and Sidharth Satpathy (director of Fynpe, another Fintech company) allegedly facilitated the transfer of money to cybercriminals’ virtual accounts.
As per a press release by the Crime Branch, a victim reported a WhatsApp call in May 2023 from an unknown number. The caller suggested subscribing to a YouTube channel for earning money and then directed the victim to a Telegram contact for further steps. Through Telegram, the victim was lured into investing with promises of high returns. The victim deposited over Rs 54.75 lakh between May 6th and May 23rd, 2023, expecting substantial profits.
Complaints on national cyber crime portal linked to these directors
“When the fraudsters demanded more money without any returns, the victim approached the Cyber Police Station at Crime Branch Cuttack,” the release stated. An investigation was launched under relevant sections of the IPC and IT Act.
According to the report, Online verification of the National Cybercrime Reporting Portal (NCRP) of Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs revealed that apart from this case, 26 other complaints from different parts of the country have been registered against the registered bank account of Fynpe and 18 against PayInc throughout India. Eventually, during the course of action, the involvement of the three accused was ascertained and they were arrested on Wednesday.
The press release highlights a worrying rise in investment scams using platforms like WhatsApp and Telegram. Fraudsters entice victims with unrealistic returns and direct them to deposit money into specific accounts. The Cyber Crime Unit urges citizens to exercise caution while engaging in online investment activities.
As per a press release by the Crime Branch, a victim reported a WhatsApp call in May 2023 from an unknown number. The caller suggested subscribing to a YouTube channel for earning money and then directed the victim to a Telegram contact for further steps. Through Telegram, the victim was lured into investing with promises of high returns. The victim deposited over Rs 54.75 lakh between May 6th and May 23rd, 2023, expecting substantial profits.
Complaints on national cyber crime portal linked to these directors
“When the fraudsters demanded more money without any returns, the victim approached the Cyber Police Station at Crime Branch Cuttack,” the release stated. An investigation was launched under relevant sections of the IPC and IT Act.
According to the report, Online verification of the National Cybercrime Reporting Portal (NCRP) of Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs revealed that apart from this case, 26 other complaints from different parts of the country have been registered against the registered bank account of Fynpe and 18 against PayInc throughout India. Eventually, during the course of action, the involvement of the three accused was ascertained and they were arrested on Wednesday.
The press release highlights a worrying rise in investment scams using platforms like WhatsApp and Telegram. Fraudsters entice victims with unrealistic returns and direct them to deposit money into specific accounts. The Cyber Crime Unit urges citizens to exercise caution while engaging in online investment activities.
