Bhubaneswar: The Odisha Crime Branch arrested two individuals, including a woman from West Bengal, for allegedly defrauding an Odisha resident of ₹6.04 crore in an online investment scam involving Initial Public Offerings (IPOs) and Over-the-Counter (OTC) trading.

The arrests were made following a complaint filed on January 13, 2024. The accused—Ashok Nanda from Siliguri and Jayarani Basak from North 24 Parganas—were apprehended by the CID of the Crime Branch.

Per the complaint, the victim was duped out of ₹6,04,53,000 over a span of 3.5 months. The fraudsters lured him with the promise of high returns from stock market investments and instructed him to transfer funds to multiple bank accounts under their control.

The complainant suspected foul play when he was unable to withdraw the promised returns and subsequently reported the matter to the Cyber Crime Police Station, CID-Crime Branch, Odisha.

Modus Operandi

Explaining the modus operandi, the Crime Branch said the complainant initially deposited ₹6,04,53,000 into 22 different bank accounts. The accused then funneled the money into eight other accounts—belonging to themselves and their associates—as revealed in their bank statements. The funds were withdrawn either via cheque or ATMs or transferred to additional "second-layer" accounts the same day. This layering process was repeated to obscure the money trail before the funds were ultimately withdrawn.

Details of Arrests

Ashok Nanda, one of the accused and a first-layer account holder, was arrested on May 1, 2025, in Siliguri and produced before the local magistrate for a transit remand. He had received ₹1.11 crore directly from the complainant. Nanda, who operates a hotel business in Siliguri, was found in possession of a mobile phone, SIM card, Aadhaar card, and PAN card. He was later presented before the SDJM, Bhubaneswar.

The second accused, Jayarani Basak, was arrested on May 4, 2025, and produced before a magistrate in North 24 Parganas for transit remand. She held a second-layer account into which ₹6 lakh was transferred from Nanda’s account. Similar items—a mobile phone, SIM card, Aadhaar card, and PAN card—were seized from her.

A case (Case No. 02) was registered on January 13, 2025, under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with Sections 66-C and 66-D of the Information Technology Act, 2000.