In a major breakthrough, the Bhubaneswar Cyber Police have apprehended three individuals involved in a sophisticated investment scam that defrauded residents, including one victim who lost ₹10 lakh.
The accused, identified as Siddharth Pujari from Koraput, Abhinash Sahu from Khordha, and Bivek Singh from Jeypore Town, targeted young professionals and middle-class families with false promises of high returns through fake investment schemes.
How the Scam Operated
The trio ran their fraudulent operation under the guise of two Bengaluru-based companies, which were registered to create an illusion of legitimacy. They developed fake websites to bolster their credibility and employed agents to attract potential investors. The accused organised workshops in hotels and events across various locations, marketing them as “investment seminars.” These events were designed to lure victims, particularly the youth and middle-class families, with promises of annual returns as high as 7%.
During these workshops, the scammers showcased fabricated success stories and used high-pressure tactics to convince attendees to invest large sums. They initially provided small returns to some investors to build trust, only to abscond with the principal amount later. One such victim, Soumya, a Bhubaneswar resident, invested ₹10 lakh after attending a workshop. When the promised returns failed to materialise, Soumya complained to the Bhubaneswar Cyber Police, which set the investigation in motion.
Swift Police Action
Following Soumya’s complaint, the Cyber Police launched a meticulous investigation, leading to the arrest of the three accused from different parts of Odisha. Siddharth Pujari was nabbed in Koraput, Abhinash Sahu in Khordha, and Vivek Singh in Jeypore Town.
The police seized crucial evidence, including:
-
Two laptops used to manage fake websites and financial transactions
-
Mobile phones containing communication records with victims and agents
-
ATM and credit cards linked to the fraudulent accounts
-
Bank account details and chequebooks
-
₹6 lakh frozen across two bank accounts (₹5 lakh in one account and ₹1 lakh in another)
Deputy Commissioner of Police (DCP) Jagmohan Meena, who led the operation, described the scam as a well-orchestrated syndicate.
“The accused exploited the trust of unsuspecting investors by creating a facade of legitimacy through registered companies and professional workshops,” Meena said. “We have frozen some of the funds and are working to recover more while tracing the full extent of their operations.”
Ongoing Investigation
The arrests have revealed the tip of a larger iceberg, prompting the police to deepen their investigation. Key areas under scrutiny include:
-
Company Registration: How the accused registered fake companies and whether other individuals served as directors or facilitators.
-
Regulatory Compliance: Whether the companies adhered to guidelines set by regulatory bodies like the Securities and Exchange Board of India (SEBI).
-
Syndicate Network: Identifying additional agents, employees, or accomplices involved in the scam.
-
Asset Recovery: Compiling a list of the accused’s properties and assets acquired through fraudulent means.
The police suspect that the scam may have ensnared more victims across Odisha and possibly other states, given the accused’s extensive marketing campaigns. DCP Meena urged potential victims to report similar fraud to the nearest police station or cyber cell, assuring swift action.
Public Advisory
DCP Meena warned the public sternly, urging caution against investment schemes promising unusually high returns. “Do not fall for unsolicited offers that sound too good to be true,” he advised. “Always verify the credentials of any company before investing and report any suspicious activity immediately.” He also recommended checking a company’s registration with regulatory bodies like SEBI and avoiding sharing financial details on unverified websites.
ସାଇବର ସୁରକ୍ଷା ସୂଚନା ।
ଆପଣଙ୍କର ସାଇବର ସୁରକ୍ଷାକୁ ବୃଦ୍ଧି କରନ୍ତୁ !#DigitalArrest #CyberAwareness #CyberSecurity #DigitalSafety #OnlineSafety #cybersafeodisha #indiancert #StaySafeOnline #besafe #staysafe #mygov #onlinefraud #cybercrime #scamming #cyberalert #CyberSecurityAwareness pic.twitter.com/bbSMYdAnf9— COMMISSIONERATE POLICE (@cpbbsrctc) May 16, 2025
