Fake trading platforms used to dupe victims of over Rs 3.6 crore

Bhubaneswar/Cuttack: The Cyber Crime Wing of the Odisha Police Crime Branch has arrested three persons in two separate cases of large-scale online investment fraud, involving fake trading platforms and false promises of high returns.

Bihar man arrested in Rs 2.06 crore investment scam

In the first case, registered at Cyber Crime Police Station under CID, Crime Branch, cyber fraudsters contacted a complainant via WhatsApp in December 2024 and added him to a group offering free stock market tips and technical analysis of NIFTY. A person posing as a fund manager induced the victim to invest through a fictitious trading platform.

Between December 23, 2024, and March 24, 2025, the victim transferred Rs 2,06,07,500 from three bank accounts to five different accounts through 54 transactions. When withdrawal was attempted, the so-called “risk control team” refused to release the funds, prompting the victim to lodge an FIR.

Following analysis of transaction trails and digital evidence, the Crime Branch arrested Prins Raj (31) of Begusarai, Bihar. Several incriminating items, including mobile phones and SIM cards, were seized. He was produced before the Judicial Magistrate First Class, Begusarai, and is on transit remand to be forwarded to the SDJM Court, Bhubaneswar. 

Angul couple held in Rs 1.55 crore online trading fraud

In another case, cyber fraudsters targeted a victim through social media and later added him to WhatsApp groups named “Stock Market Pioneers” and “VIP IVI Service Team570.” The victim was lured into investing in a bogus online trading platform with assurances of high and guaranteed returns.

Believing the claims, the victim transferred Rs 1,55,66,000 from his bank account to seven different accounts in multiple transactions. Acting on digital and financial evidence, the Crime Branch arrested a couple from Angul—Himansu Prasad Karna and Sailendri Karna.

During searches, investigators seized 17 cheque books, 10 savings bank passbooks, multiple mobile phones, and SIM cards. The accused were forwarded to the SDJM Court, Bhubaneswar. 

Public advisory issued

The Crime Branch has urged citizens to remain cautious of unsolicited investment offers circulated through social media and messaging apps. People have been advised to verify platforms before investing and report suspected cyber frauds via the 1930 cyber helpline or at the nearest police station.

Officials said investigations in both cases are continuing to identify other members of the fraud networks.