Crypto Scam Leader Gets 7-Year Jail Term in Odisha

In Odisha's Balasore district, a court sentenced Nilesh Kumar Kar to seven years in prison for defrauding investors in a cryptocurrency scam. Over 400 individuals were enticed to invest in a fake crypto mining website, resulting in a loss of Rs 1.13 crore. Kar also received a Rs 2.35 lakh fine.

In a significant legal decision, a court in Odisha's Balasore district sentenced a man to seven years of rigorous imprisonment for orchestrating a large-scale cryptocurrency fraud.

Nilesh Kumar Kar, found guilty under various sections of the IPC and IT Act, was fined Rs 2.35 lakh. The case, initiated on April 5, 2023, revealed that Kar had defrauded individuals, including Mahamanya Jena, by promoting a fraudulent investment app promising high returns.

Investigations by the Economic Offence Wing of the Odisha Crime Branch uncovered a sophisticated scam, enticing over 400 people to invest in a non-existent crypto mining scheme that ultimately swindled investors out of Rs 1.13 crore. The website, falsely advertised and unsupported by any real financial authority, lured victims with the assurance of quick profits, only to close abruptly once funds were collected.

(With inputs from agencies.)