Bhubaneswar: A man named Nilesh Kumar Kar from Balasore, Odisha, has been sentenced to seven years in prison for cheating people with fake crypto investments. The special court, created to protect people’s money, also ordered him to pay a fine of ₹2.35 lakh.
Nilesh was found guilty after a case was filed against him on April 5, 2023. He was arrested the next day. A local man named Mahamanya Jena complained that Nilesh tricked him into investing money in a website that promised high returns.
Jena had put in ₹2,13,038 thinking he would get back ₹50,57,117. However, when he tried to take his money out, the website stopped working completely.
The police’s Economic Offence Wing discovered that the website wasn’t real and was meant to scam people. It asked users to invest at least ₹665 to become members and promised to return ₹1,487.25 after 37 days, guaranteeing daily earnings of ₹40.
The police found that Nilesh was the leader of this scam and had misled over 400 people in Odisha, including Jena. He even showed fake documents claiming approval from the Reserve Bank of India (RBI). After collecting the money, the website disappeared, and many investors lost a total of ₹1.13 crore.
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