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Economic Fraud

Three Fintech Company Directors Arrested in Odisha for Multi-Million Rupee Investment Fraud

The arrests highlight a growing concern over investment frauds facilitated through social platforms like WhatsApp and Telegram.



Bargarh: The Cyber Crime Unit of the Crime Branch in Odisha has arrested three directors of fintech companies for their involvement in a cryptocurrency investment scam. The arrests were made in Bargarh, Odisha, and Bhilai, Chhattisgarh.

The individuals apprehended include Sumit Kumar Das and Amiya Ranjan Satpathy from Bargarh, who are directors of the fintech company ‘PayInc’, and Sidharth Satpathy from Bhilai, who directs ‘Fynpe’. The arrests followed a detailed investigation triggered by a victim’s report last year about a dubious investment opportunity that led to substantial financial loss.

The victim narrated how he was initially contacted over a WhatsApp call by an unknown number, persuading him to subscribe to a YouTube channel promising monetary gains. The conversation soon shifted to Telegram, where he was enticed to invest money for high returns. Between May 6, 2023, and May 23, 2023, the victim invested over Rs 54.75 lakh, hoping for lucrative returns that never materialized.

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When the fraudsters pursued him for more money without any return, the complainant reported the matter to the Cyber Police Station at Crime Branch Cuttack.

“When the fraudsters pursued him for more money without any return, the complainant reported the matter with Cyber Police Station at Crime Branch Cuttack. On his complaint, a case was registered under various sections of the IPC besides section 66-C and 66-D of IT Act, 2000 and a team of officers led by Inspector Geetanjali Jena began investigation into it,” the release stated.

Further investigations revealed that the National Cybercrime Reporting Portal had received multiple complaints against the bank accounts associated with ‘Fynpe’ and ‘PayInc’, with 26 and 18 complaints respectively from different parts of the country.

The Crime Branch has cautioned the public against falling for investment traps often propagated through social media platforms like WhatsApp and Telegram. They stress the importance of exercising caution and conducting thorough checks before engaging in any online investment activities.

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