Bhubaneswar’s Cyber Crime and Economic Offences (CC & EO) Police Station has uncovered a massive investment scam, arresting Umashankar Dixit, a 41-year-old Bhadrak resident, for defrauding investors of Rs. 12.02 crore.
Operating under the façade of a SEBI-registered online trading company, “AK Capital Ltd..,” the scam lured victims with promises of high returns through WhatsApp groups and a fraudulent app called AKGroWool Felt Art.
The case surfaced after Dharmendra Prusty, a resident of BDA Colony, Chandrasekharpur, filed a complaint, alleging he was cheated of Rs. 5 lakh. According to police, Dixit, the sole proprietor of M/s Dixit Enterprisers, received the amount in his account at a private bank on January 15, 2025. The accused used WhatsApp groups named “Q231 AK Capital Services Ltd.” and “AK Capital-Provisional Department” to communicate with victims, falsely presenting AK Capital Ltd. as a UK-India fast-trading company.
During the investigation, police seized the accused’s mobile phone, a bank chequebook, a RuPay ATM/debit card, and two SIM cards linked to his bank account. The charges filed include sections 318(2), 318(4), 319(2), 336(2), 336(3), 338, 340(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS) 2023, covering cheating, misappropriation, and organized crime.
Authorities revealed that the scam promised a 2% commission for deposits up to Rs. 1 crore, exploiting victims’ greed for quick profits. Police have issued an advisory urging the public to verify SEBI registration before investing and to report cybercrimes via www.cybercrime.gov.in or the national helpline 1930. For Bhubaneswar residents, the local Cyber PS helpline is 7440006709.
“This arrest is a significant step in curbing cyber frauds that exploit trust,” said a senior police official. The investigation continues to trace other accomplices and recover the defrauded funds.
