Odisha’s Crime Branch Cyber Crime Unit has arrested two individuals from West Bengal in connection with an investment fraud amounting to ₹6.04 crores.
The accused allegedly lured a victim into transferring substantial funds under the false promise of lucrative returns from share market and IPO investments.
According to the CID-CB, the complainant transferred money over 3.5 months based on the fraudsters’ assurances of high profits from IPO and OTC trading. However, when he could not withdraw his promised returns, he realised he had been deceived and reported the crime to the Cyber Crime Police Station in Cuttack.
The investigation revealed that the complainant’s funds were distributed across 22 bank accounts, originating from eight different accounts belonging to him and associates.
The fraudsters used a layered transaction method to circulate money between multiple accounts before withdrawing large sums via cheques or ATMs.
The accused were arrested from different locations in West Bengal:
- Ashok Nanda (53), a resident of Siliguri, was taken into custody on May 1. Authorities discovered that ₹1.11 crore was deposited into his account directly.
- Jayarani Basak (38), a resident of North 24 Parganas, was arrested on May 4. Investigators found that ₹6 lakh was transferred to her account from Nanda’s.
Both suspects were remanded for further interrogation and legal proceedings. Police seized their mobile phones, SIM cards, Aadhaar cards, and PAN cards during the arrests.
The CID Crime Branch urges citizens to exercise caution with unsolicited investment offers shared via social media or messaging platforms. Investors should always verify credentials before transferring funds to avoid falling victim to such scams. The department encourages reporting financial fraud at 1930 Cyber Helpline or the nearest police station.
