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States » EastPosted at: May 1 2025 3:09PM


Odisha: Fraudster sentenced to seven years RI by OPID court for duping investors

Balasore (odisha), May 1 (UNI) Special OPID Judge Biswajit Das has convicted an accused for committing fraud amounting to approximately Rs 1.13 crore under the guise of crypto investment, and sentenced him to undergo seven years of rigorous imprisonment (RI) along with a fine of Rs 2.35 lakh.
The court also ordered an additional jail term of two years and four months if the convict fails to pay the fine.
The convict, identified as Nilesh Kumar Kar, a resident of Angargadia, Balasore, duped several investors by luring them to invest in an app/website named ‘Cloud-Fut’ under a scheme promising handsome returns.
According to the scheme, an investor had to invest a minimum of Rs 665 for 37 days to receive a return of Rs 1,487.25.
The complainant, Mahamanya Jena, a resident of Sahadevkhunta, initially received returns from his early investments. Encouraged by the lucrative returns, he went on to invest Rs 2,13,038 by making deposits between January and March 2023.
When the investment amount grew to Rs 50,57,117, he attempted to withdraw it through his bank but was unable to do so.
Upon contacting the accused, he was informed that the website had stopped functioning. Realizing he had been defrauded, Mahamanya lodged an FIR against Kar, who was subsequently arrested on April 6, 2023.
The accused was tried under several sections of the IPC, including 420, 467, 468, 471, 472, and 120(B), read with Sections 66(C) & (D) of the IT Act and Section 6 of the OPID Act, 2011.
“The court, after examining 11 witnesses and 70 documents, pronounced the judgment on Wednesday,” said Special Public Prosecutor Pranab Kumar Panda.
The court observed that the convict, who led the fake website operations in Balasore, had induced more than 400 people in Odisha.
To gain their trust, he showed fake authorization and appointment letters allegedly from the RBI.
After siphoning crores of rupees from the investors, the wallet and website were abruptly shut down, leaving investors in distress.
Along with other accused persons, he defrauded around Rs 1.13 crore from Odisha alone.
The fake website ‘Cloud-Fut,’ which had nationwide reach, was used to deceive investors across India in the name of crypto investment.
In reality, an online Ponzi scam was being run under the guise of crypto trading, the court further noted while pronouncing the verdict.
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Tags: #Odisha: Fraudster sentenced to seven years RI by OPID court for duping investors
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