Fintech

Three administrators of fintech companies arrested for computer fraud: here’s what they were accused of

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9 months ago

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The Cyber ​​Crime Unit of Odisha Crime Branch on Wednesday arrested three persons 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 into the virtual accounts of cyber criminals.

According to a press release from the Crime Branch, a victim reported a WhatsApp call in May 2023 from an unknown number. The caller suggested subscribing to a YouTube channel to earn money and then directed the victim to a Telegram contact for further steps. Via Telegram the victim was induced to invest with promises of high returns. The victim deposited over Rs 54.75 lakh between May 6 and 23, 2023, expecting substantial profits.

Reports on the national cybercrime portal linked to these administrators
“When the fraudsters demanded more money without any refund, the victim approached Crime Branch Cuttack cyber police station,” the statement said. An investigation has been initiated under relevant sections of the IPC and IT Act.

According to the online verification report of the National Cybercrime Reporting Portal (NCRP) of the Indian Cyber ​​Crime Coordination Center (I4C), the Ministry of Home Affairs has revealed that apart from this case, 26 other complaints have been registered from different parties of the country. the registered bank account of Fynpe and 18 against PayInc across India. In the end, during the action, the involvement of the three defendants was ascertained, and they were arrested on Wednesday.

The press release highlights a worrying increase in investment scams using platforms such as WhatsApp and Telegram. Scammers lure victims with unrealistic returns and trick them into depositing money into specific accounts. The Cyber ​​Crime Unit urges citizens to exercise caution while engaging in online investment activities.

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