In a significant breakthrough against cybercrime, the Commissionerate Police of Bhubaneswar-Cuttack has dismantled a sophisticated interstate investment scam operating through Telegram and social media platforms.
The operation, led by the Cyber Crime & Economic Offences Police Station (CC & EO PS) in coordination with Madhupatna PS, resulted in the arrest of seven individuals, including bank employees, and the freezing of over ₹90 lakh in suspicious bank accounts.
The case exposed a well-orchestrated network that lured victims with promises of high returns on stock investments. The fraudsters used fake companies and mule bank accounts to siphon off crores, employing complex money-laundering techniques to evade detection.
According to police details, the gang’s modus operandi involved several cunning steps. They first acquired mule bank accounts and SIM cards by colluding with bank officials and SIM sellers, bypassing KYC norms. Fake entities like Mahakali Constructions Pvt Ltd and Priya Fintech were registered to open current accounts with higher transaction limits, masking the illicit activities under the guise of legitimate businesses.
Victims were targeted via ads on social media and WhatsApp groups, enticed with initial small profits to build trust, only to be coerced into larger investments on bogus trading platforms. Once funds were transferred, the money was rapidly layered through 10-15 accounts via online banking and UPI, making tracing nearly impossible. After extracting substantial sums, the accounts were closed, and SIM cards were destroyed to eliminate trails.
The arrested individuals include the main culprits: Bablu Nayak (27) from Jagatsinghpur, Pannaga Narayan Dash (25) from Cuttack, and Rudra Madhab Mohapatra (23), a B.Tech student from Jagatsinghpur. Bank staff involved in supplying pre-activated accounts for commissions were also nabbed: Harekrushna Sahoo (30) from Utkarsha Small Finance Bank, Abhisek Mohanty (31) from Bandhan Bank, Debasish Mallick (32) from Axis Bank, and Swaraj Kumar Samal (32) from Suryodaya Small Finance Bank.
Preliminary investigations link the gang to cases in Chandauli (Uttar Pradesh) and Supaul (Bihar), with efforts ongoing to identify more victims. Two key suspects remain at large, and probes into SIM suppliers continue, the police said.
The raid yielded massive seizures: 69 mobile phones, 4 laptops, 3 desktops, 215 SIM cards, 554 bank passbooks, 702 debit/credit cards, over Rs 90 lakh frozen in accounts, one four-wheeler, two two-wheelers, and Rs 3,200 in cash. Banners and documents of the fake companies were also recovered.
The operation was spearheaded by a dedicated team including ACP Satyajit Das, IIC Rashmita Jena, IIC Chita Ranjan Rout, and several inspectors, sub-inspectors, and constables from CC & EO PS and Madhupatna PS.
In an advisory to the public, police urged caution against unsolicited investment offers on social media. “Avoid fake trading platforms promoted on Telegram or WhatsApp,” the note emphasised. “Verify company credentials, never rent out your bank accounts, and report losses immediately to 1930 or cybercrime.gov.in within two hours for better recovery chances.”
This bust highlights the growing threat of digital fraud and underscores the need for vigilance in online investments. Authorities expect more arrests as the investigation expands.
