Bhubaneswar: A 24-year-old man was arrested by the Odisha Police from Telangana Tuesday for allegedly defrauding an elderly couple, promising them a higher return on investment, police said.
Sabyasachi Prahraj and his wife were planning to start a nursing school after retirement. They came across an advertisement for a Forex trading platform on Facebook, and got in touch with the accused, Kathi Karthik Kumar, an officer said.
The couple gave him Rs 23.39 lakh through online transfers, but later, realising that they were defrauded, they lodged a complaint with the police in Bhubaneswar.
During the investigation, police found that the account to which the couple transferred the funds was being used to receive money fraudulently from gullible people, an officer said.
Subsequent investigations and raids in Telangana led to the arrest of Karthik, he said.
He was actively involved in cyber financial fraud, police said, adding that the racket he operates creates virtual current accounts and impersonates legitimate business entities to defraud the public.
Efforts are being made to identify other members of the racket, police said.
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