Bhubaneswar: The Criminal Investigation Department (CID) of Odisha Police has arrested three men from Bengaluru and Maharashtra for their alleged involvement in two separate cyber fraud cases, an officer said.

While two persons were arrested from Maharashtra on Tuesday for duping a complainant of more than Rs 6 crore, another man was arrested from Bengaluru three days back for duping over Rs 1 crore of an individual, the Crime Branch officer said.

The arrested accused persons have been identified as Swapnil Goraksha Dhokale and Azaz Shafiq Shaikh, natives of Maharashtra, and Ganesh K Setty from Bengaluru, he added.

The officer said the cyber fraudsters persuaded the victims to trade in initial public offering (IPO) and over-the-counter (OTC) through social media platforms.

Despite initial losses, the complainants were convinced to invest more, but when attempting to withdraw, they demanded additional money and refused to release their funds. After realising it was a scam, the victims lodged an FIR at cyber police station, he added.