Odisha Police have arrested a 30-year-old man from Maharashtra for allegedly duping an investor of over Rs 26 lakh with the false promise of high returns, officials said on Friday.
The accused, identified as Savyasachi Pisolkar (30), a native of Nashik district in Maharashtra, was apprehended by the state’s Cyber Crime unit. The arrest follows a complaint filed by Shakti Shankar Panda (41), a resident of Bhubaneswar, the officials said.
According to the police complaint, Panda encountered a trading app through a WhatsApp group and was subsequently lured by promises of exceptionally high returns from investments in Initial Public Offerings (IPOs) and block trades.
Believing the scheme, Panda transferred a total of Rs 26.21 lakh into bank accounts belonging to Pisolkar and his associates. However, the complainant never received the promised returns or his invested principal, police added.
Police have registered a case in this regard, and an investigation is currently underway to uncover any broader network involved in the fraud.
