Odisha’s cyber crime fighters struck again, detaining 39-year-old Vedagiri Srinivasa Rao from Bhubaneswar in connection with a staggering Rs 6 crore fake investment racket. Hailing from Guntur, Andhra Pradesh, Rao emerges as a pivotal player in a multi-layered deception that preyed on a Berhampur businessman’s trust.
It all started on Facebook in early May 2024. An impostor masquerading as Sanjana Srinivasan, an IBM software engineer based in Hong Kong, hooked the victim with tales of high-yield crypto trading via ZAIR. Smoothly transitioning to WhatsApp, she convinced him to fund a trading account, fabricating stories of an IBM-backed data center for digital assets.
The victim’s account soon mirrored a rollercoaster: a sudden USD loan, advised top-ups for ‘recovery,’ and illusory profits that kept him hooked. Withdrawal attempts hit a wall—ZAIR insisted on a 20% ‘fee’ of Rs 89 lakh, after which excuses multiplied from a so-called risk control team. Between late May and June, he funneled Rs 6.16 crore across accounts as directed.
Post-complaint on July 9, police delved into transaction trails and cyber evidence, leading to Rao’s arrest. Previously, six accomplices were rounded up: five from Surat and one from Ludhiana. This case underscores the evolving tactics of cyber syndicates blending social engineering with fake platforms.
Experts note such scams exploit greed and FOMO in volatile markets like crypto. Odisha Police now intensify awareness drives, collaborating with banks for real-time transaction monitoring. Victims are encouraged to report promptly to cyber cells, as recovering even partial funds hinges on swift action. The probe continues to expose international links, promising more arrests.
