Bhubaneswar: The Cyber Crime Police of Odisha Crime Branch have arrested an MBA graduate from Kolkata in neighbouring West Bengal in connection with an online investment fraud amounting to Rs 12.33 crore.

The accused has been identified as Rahul Jaiswal (36), son of Ram Prasad Jaiswal, of Maniktala Main Road in Kakurgachi area of Kolkata. However, he was staying at Baghmari Road in Kolkata for last few days.

Jaiswal has been arrested on the basis of a complaint filed by the victim, said the Crime Branch.

He has been booked under Section 318(2), 318(4), 319(2), 336(2), 336(3), 340(2), 61(2), 3(5) and 338 of the BNS and Section 66(C)(D) of the IT Act, 2000, it added.

Fraudsters contacted victim through WhatsApp

According to the Crime Branch, the complainant was contacted on July 31 this year through WhatsApp by unknown cyber fraudsters, who lured him to join a group posing as stock market consultants. The fraudsters gained his confidence by sharing fake investment tips and fabricated testimonials. Subsequently, the victim was persuaded to install a fraudulent trading application and invest funds.

As per the instruction of the fraudsters, the complainant transferred a total amount of Rs 12,33,50,000 to nine different bank accounts through 52 transactions between August 12 to September 2, said the Crime Branch.

Victim filed FIR after failing to withdraw money    

The complainant came to know about the fraud only when the fraudsters did not allow him to withdraw his money. He immediately lodged an FIR in this regard with the Cyber Crime Police Station.  

During investigation, the team of the Cyber Crime Police, led by Inspector Tapan Kumar Pradhan, zeroed in on Jaiswal after analyzing transaction trails and digital evidence. Subsequently, the team conducted a raid and arrested the accused from Kolkata.

The cops have seized incriminating materials including mobile phones, SIM cards and other digital devices from the possession of the accused. He was produced in a court in Kolkata and brought to Odisha on transit remand. 

Investigation has revealed that an amount of Rs 4,15,50,000 was transferred by the complainant to the bank account of the accused, added the Crime Branch.