Updated April 8th, 2023 at 07:00 IST
Man arrested for duping people with high return on investment on mobile app in Odisha
A man was arrested in Odisha's Balasore district for allegedly being involved in a Ponzi scam and duping people by promising them high returns on investments.
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A man was arrested in Odisha's Balasore district for allegedly being involved in a ponzi scam and duping people by promising them an abnormally high return on investments through a mobile application (app), police said.
The accused was apprehended by the Economic Offences Wing of the Odisha Police after a complaint was lodged by a person that he had deposited more than Rs 2.13 lakh with the 'Cloud Fut' app after being lured by a promise of very high return, a senior officer said.
"The accused told the complainant that the digital platform was a US-based entity, and in order to gain confidence, he showed fake certificates of the central bank to the investor.
"The complainant found that the digital platform stopped functioning when he was to get over Rs 50 lakh as a return on his invested amount," the officer said.
The ‘Cloud-Fut’ is an "app-based company running Ponzi scheme and fraudulently claiming to be a crypto mining company", he said.
"It duped more than 80,000 investors across the country with a promise of multiplying their money in a very short period, " he said.
The accused has been booked under various sections of the IPC and the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, the officer said.
The arrested person was produced before a local court in Balasore on Friday, and was being brought to Bhubaneswar on four-day police remand, he said.
"The investigation is on," the officer added.
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Published April 8th, 2023 at 07:00 IST
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