Odisha, Balasore: In a major breakthrough in the fight against financial fraud, the Balasore OPID (Odisha Protection of Interests of Depositors) Court has convicted Nilesh Kar, the prime accused in a massive ₹13 crore crypto currency scam, sentencing him to 7 years imprisonment along with a fine of ₹2.35 lakh. The court further directed that failure to pay the fine would result in an additional 2 years of imprisonment.
The conviction comes after a detailed investigation initiated by the Balasore Police following a complaint lodged on April 5, 2023, by Mahanya Jena, a resident of Sahadevkhunta. Jena reported being defrauded in the name of crypto investments through a fake app/website named ‘Cloud-Foot’.
According to the complaint, the victim had invested ₹2,13,038 between January and March 2023, lured by promises of high returns—purportedly up to ₹50.57 lakh. However, the platform was abruptly shut down, and all attempts to withdraw the investment failed. Realizing the deception, the victim approached the police for justice.
The swift action by the Balasore Police and subsequent legal proceedings ensured that the accused was brought to book. Investigations revealed that hundreds of depositors had fallen prey to the fraudulent scheme orchestrated by Nilesh Kar under the guise of crypto investments.
This conviction stands as a testament to the Odisha Police’s firm resolve against white-collar crime and their proactive measures in safeguarding public interest. Authorities have reaffirmed their commitment to cracking down on fraudulent schemes and ensuring that offenders are held accountable under the law.
