Tech company directors arrested for Bitcoin fraud: Charges revealed

The Cyber Crime Unit of Odisha’s Crime Branch made a significant breakthrough on Wednesday with the arrest of three individuals involved in a cryptocurrency investment scam. The accused, Sumit Kumar Das, Amiya Ranjan Satpathy, and Sidharth Satpathy, allegedly played a key role in facilitating the transfer of funds to cybercriminals’ virtual accounts.

The investigation was triggered by a victim who received a suspicious WhatsApp call in May 2023, leading them down a rabbit hole of false promises and deceit. The victim, hoping for lucrative returns, ended up depositing over Rs 54.75 lakh into the scammers’ accounts between May 6th and May 23rd, 2023.

The case took a more alarming turn when it was discovered that complaints on the national cyber crime portal were linked to the directors of the Fintech companies involved in the scam. A total of 26 complaints were registered against Fynpe and 18 against PayInc from various parts of the country, shedding light on the widespread nature of the fraudulent activities.

The Cyber Crime Unit emphasized the need for vigilance in online investment activities, cautioning citizens against falling prey to schemes promising unrealistic returns. The rise of investment scams on platforms like WhatsApp and Telegram underscores the importance of verifying the legitimacy of offers before parting with hard-earned money.

With the arrest of the three accused, authorities are sending a strong message to cybercriminals that their illicit activities will not go unpunished. The case serves as a stark reminder of the dangers lurking in the digital realm and the importance of staying informed and cautious in the face of potential scams.