The Odisha Police’s Criminal Investigation Department (CID) Crime Branch has made significant arrests in two major cyber investment fraud cases, uncovering scams worth over ₹8 crore in total.
Case 1: The ₹2.36 Crore Online Investment Scam:
A Cuttack resident was deceived into investing in fake stock and IPO platforms through a fraudulent WhatsApp group impersonating ICICI Securities. Initially allowed small profits to build trust, the victim was later manipulated into taking a fake ₹1.5 crore loan, preventing fund withdrawal.
Investigations led to the arrest of Mohammed Zaki in Hyderabad and Nikhil Jaiswal in Kolkata. Authorities seized mobile phones, SIM cards, bank documents, and frozen fraudulent accounts. The police are now tracking the money trail and identifying additional suspects.
Case 2: The ₹6.04 Crore IPO Trading Fraud:
A Bhubaneswar-based doctor fell victim to a scam where fraudsters lured him into investing in fake IPO and OTC trading schemes over three months. He transferred large sums into multiple accounts, only to realise he could not withdraw returns.
Investigations revealed a complex money-laundering network, with transactions layered across multiple accounts. Previously arrested suspects Ashok Nanda (Siliguri) and Jayarani Basak (West Bengal) were joined by Tapas Haldar (Kolkata) in the latest crackdown. Officials seized mobile phones, SIM cards, bank-related documents, and frozen fraudulent accounts.
