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New Indian Express
25-06-2025
- New Indian Express
Three held for cheating investors of crores in separate fraud cases in Odisha
CUTTACK: The Crime Branch of Odisha Police has arrested three persons in two separate cases for their alleged involvement in duping crores of rupees from investors through investment fraud. While 48-year-old Ganesh K Setty, a native of Bengaluru, was arrested for his alleged involvement in duping a retired CRPF officer of over Rs 1.03 crore, the other two Swapnil Goraksha Dhokale and Azaz Shafiq Shaikh, belonging to Maharashtra, were held on charges of cheating a Bhubaneswar-based doctor of over Rs 6.04 crore. In the first case, the victim, a retired Bhubaneswar-based CRPF officer, had lodged a complaint in April last year alleging some fraudsters had persuaded him to invest in IPO and OTC trading on the promise of being provided higher returns. The complainant reportedly transferred around Rs 1.03 crore but when he attempted to withdraw the money, the accused allegedly demanded more money to release his investment sum. Basing on his complaint, the Crime Branch team analysed the transaction details and digital evidences and eventually nabbed Setty from Bengaluru. He was brought on transit remand to Cuttack on Tuesday. Meanwhile, police began investigation into the second case after receiving complaint from the victim doctor. He alleged some unknown persons lured him to invest in IPO and OTC trading on the pretext of receiving lucrative returns and he transferred over Rs 6.04 crore in multiple phases. The accused were nabbed and brought on transit remand to Cuttack. They were produced in the SDJM Court in Bhubaneswar.
Time of India
24-06-2025
- Time of India
Finance co manager held for duping retd cop of Rs 1cr
Bhubaneswar: State crime branch on Tuesday arrested a Bengaluru-based finance company manager for allegedly defrauding a retired central armed forces inspector of Rs 1 crore through an online trading scam. The accused, Ganesh K Setty (48), was arrested following a complaint filed with crime branch's cyber cell on April 20. "The accused is part of a bigger gang that initially allowed small investments to yield profitable returns, thereby gaining the victim's trust," a crime branch officer said. You Can Also Check: Bhubaneswar AQI | Weather in Bhubaneswar | Bank Holidays in Bhubaneswar | Public Holidays in Bhubaneswar According to investigators, the scammers approached the victim through a social networking site, promising substantial returns on investments. After witnessing profits on smaller investments, the retired inspector was persuaded to invest larger sums. "He was convinced by the initial returns and invested more. When he tried to withdraw after investing Rs 1 crore, he couldn't access his money," the officer said. Crime Branch officers said that a significant portion of the defrauded amount was traced to Setty's account. In a related development, the crime branch also arrested two individuals from Pune and Mumbai — Swapnil Goraksha Dhokale (38) and Shafiq Ajmuddin Shaikh (32) — for allegedly cheating a doctor of Rs 6 crore in a similar investment scam.
