In a major crackdown on fraudulent crypto schemes, the Economic Offences Wing (EOW) of the Odisha Police Crime Branch has apprehended two masterminds behind a racket that duped investors in the name of crypto investments. The arrested individuals, identified as Ved Prakash from Rajasthan and Sudhir Patel from Odisha, are accused of orchestrating a scam amounting to Rs 15 crore in the state.
Ved Prakash, a former constable in the Rajasthan Police who was dismissed due to financial misconduct, spearheaded the fraudulent operation. Since 2022, he conducted promotional events across various cities in Odisha, including Bhubaneswar, Sambalpur, Puri, Jharsuguda, Sundargarh, and Bargarh, targeting unsuspecting investors with promises of hefty returns through crypto investments.
Dillip Tripathy, Superintendent of Police at EOW, highlighted the modus operandi of the fraudsters, stating, “Ved Prakash and his accomplices employed tactics such as organizing meetings at hotels and showcasing enticing brochures to lure investors into their scheme. They managed to swindle around Rs 15 crore from over 500 individuals across multiple cities in Odisha.”
SP Nayagarh alongwith senior officers of administration and CRPF visited the Strong rooms and the Counting centres for reviewing the security related aspects to ensure free, fair and peaceful polls. @OdishaCeo @odisha_police @igcrcuttack @AdmnNayagarh pic.twitter.com/7uZXz3JzmI
— Nayagarh Police (@spnayagarh) April 15, 2024
The arrests come as a significant breakthrough in the efforts to curb crypto-related frauds in the region. Both Ved Prakash and Sudhir Patel have been produced before the OPID court in Cuttack as the investigation continues.
The Odisha Police have issued a cautionary advisory to the public, urging them to remain vigilant and exercise due diligence while considering investments in cryptos or any other financial instruments. This development underscores the importance of regulatory oversight and investor education in safeguarding against fraudulent activities in the rapidly evolving crypto market.
