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Two arrested for Rs 15 crore cryptocurrency investment fraud in Odisha

The Odisha Police’s Economic Offences Wing (EOW) has apprehended two fraudsters for deceiving investors in Odisha and Maharashtra with promises of high returns from cryptocurrency investments. The prime accused, Ved Prakash, was arrested in Rajasthan while the Odisha head of the racket, Sudhir Patel, was held in Sundargarh.

Accused Ved Prakash, a former Constable in Rajasthan Police, was terminated for misconduct and dereliction of duty. The duo was arrested in connection with a fraud case filed by victim Prem Sagar Khamari, who lost over Rs 48 lakhs. Khamari only received Rs 20,000 from his investment in the fraudulent crypto scheme.

The fraudsters duped investors, mainly in western Odisha, of more than Rs 14 crore through various crypto schemes like ENG Crypto, Entice Capital, USDT Club, ADS Exchange, and CRIT 11. They deceived victims with the promise of high returns and encouraged them to bring in more investors for additional benefits, especially targeting computer illiterates.

The EOW discovered that around 500 investors from different parts of Odisha were swindled of over Rs 15 crore, with victims in Puri, Bhubaneswar, Sambalpur, Jharsuguda, Sundargarh, and Bargarh. The fraudsters also defrauded many individuals in Maharashtra. The Maharashtra Police will be informed about the scam and the perpetrators.

The accused duo has been presented before a designated court under the OPID Act in Cuttack. They will face legal proceedings for their involvement in the cryptocurrency investment scam, leaving hundreds of investors in financial distress. The EOW continues its investigation to bring justice to the victims and ensure such fraudulent activities are thwarted in the future.


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