The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested three individuals involved in a large-scale online trading scam that allegedly defrauded victims of over Rs 2 crore.
The accused, identified as Bikram Keshari Sahu from Patia, Dinesh Maharana from Saubhagya Nagar, and Sarbanam Sabat from Sahid Nagar, were apprehended in connection with EOW Police Station Case No. 2/2026. They have been presented before the OPID Act Special Court and the designated EOW Court in Bhubaneswar for further proceedings.
The case came to light following a complaint filed by Sashadhar Mitra, a resident of Chandini Chowk in Cuttack. According to the complaint, in 2023, the accused lured investors with promises of high returns in a short time through online trading schemes operated under names like Bitex and its associated companies, including AEXN Global, Cars Corner, and Eclat Coin. Mitra invested Rs 41,30,200 in these schemes, enticed by the prospects of quick profits.
Further investigations revealed that other victims, such as Jayanti Panigrahi and Sukhamay Das, had also been duped, with collective investments exceeding Rs 1.28 crore from these individuals alone. The total amount siphoned off in the scam is estimated to surpass ₹2 crore, affecting multiple investors across the region.
EOW officials stated that after collecting the funds, the accused shut down the companies’ websites and mobile apps, fled the area, and failed to provide any returns to the investors. This modus operandi has become a common tactic in online frauds, where perpetrators exploit the allure of easy money to trap unsuspecting individuals.
The investigation is ongoing, with authorities gathering more evidence to uncover the full extent of the scam and identify any additional accomplices. EOW has urged the public to exercise caution and avoid falling for similar high-return investment promises, emphasizing the importance of verifying schemes through regulatory bodies like SEBI before investing.
This case serves as a stark reminder of the risks associated with unregulated online trading platforms, and police have advised citizens to report any suspicious activities promptly to prevent further losses.
