In a significant crackdown on cyber fraud, the Commissionerate Police have arrested three individuals involved in a sophisticated online investment scam that defrauded a local resident of over Rs 94 lakh.
The arrests were made following a raid by a special team from the Bhubaneswar UPD Cyber Crime and Economic Offences Police Station, led by Inspector Jyotiranjan Parida.
The case, registered as CC & EO PS Case No. 233 on December 5, 2025, under various sections of the Bharatiya Nyaya Sanhita (BNS) including 318(2), 318(4), 319(2), 336(2), 336(3), 338, 340(2), and 3(5), along with Section 66D of the Information Technology Act, highlights the growing menace of digital financial scams in the region.
According to police reports, the victim, a Bhubaneswar resident, was lured into the trap by the accused, who posed as representatives of SEBI-registered financial institutions. They added the victim to multiple WhatsApp groups promoting high returns on stock trading, shares, and Initial Public Offerings (IPOs), while falsely assuring compliance with SEBI regulations.
The fraudsters directed the victim to invest through two fake mobile trading applications mimicking legitimate firms: BOB Caps (resembling BOB Capital Markets Limited, Mumbai) and Chola Pro (resembling Cholamandalam Securities Limited, Chennai). These apps displayed fabricated trading profits to create the illusion of genuine market activity, encouraging further investments.
Over time, the victim transferred a total of Rs 94,62,461 via UPI, NEFT, and RTGS to various third-party bank accounts as instructed by the scammers. When the victim attempted to withdraw funds, the accused demanded additional payments under the guise of 30% service taxes, processing fees, and other charges. Despite complying, the withdrawal was denied, with the apps showing an “abnormal” account status. Subsequently, all WhatsApp groups were deactivated, raising suspicions of foul play.
Realising the deception, the victim reported the incident to the national cyber helpline (1930), which led to the formal registration of the case and initiation of an investigation. Based on credible intelligence, the police team raided and apprehended the suspects, gathering sufficient preliminary evidence to charge them under the relevant laws. The accused were produced in court today after completing all legal formalities, and the investigation remains ongoing to uncover potential links to a larger network.
The arrested individuals have been identified as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), all hailing from Reamal in Deogarh district.
During the operation, police seized three mobile phones, one SBI ATM card, and one UDYAM registration certificate from the accused.
