Two Arrests, One Threat — A Nation-Wide Cyber Scam Network Exposed
In a significant breakthrough for financial cybercrime investigation, the Odisha State Crime Branch has arrested two key individuals from West Bengal involved in two major online investment fraud cases totalling over ₹8.4 crore. The first case involved a ₹2.36 crore scam targeting a Cuttack resident through fraudulent stock market apps. The second, a far more complex operation, saw a Bhubaneswar-based doctor being duped of ₹6.04 crore over three months. Both schemes followed a similar modus operandi—promising high IPO returns, luring victims into fake platforms, and vanishing with the money through a network of layered bank transactions.
Case 1: Stock Market Dreams Turn Costly for Cuttack Resident
The first case surfaced on October 4, 2023, when a 50-year-old man from Cuttack’s Purighat lodged a complaint, alleging that he had been misled into an online stock investment racket. The fraudsters operated under the deceptive banner of “C-51 ICICI Securities Official Stock” on WhatsApp. By simulating initial profits through fraudulent apps such as fiosh.com and bolsip.com, the scamsters built the victim’s trust before coercing him into accepting a non-existent ₹1.5 crore loan for further investments.
When the victim attempted to withdraw his funds, he encountered delays under the guise of “pending review” notifications. Eventually, he was defrauded of ₹2.36 crore. The probe led to the arrest of Nikhil Jaiswal (23) from Khiddipore, Kolkata, after digital footprints traced him as a key operator in the racket. He was brought to Odisha on transit remand and booked under stringent sections of the IPC and IT Act, including 419, 420, and 66D.
Case 2: ₹6 Crore Fraud Targeting Bhubaneswar-Based Doctor
The second case was registered on January 13, 2025, when a renowned Bhubaneswar doctor filed a complaint after being defrauded of ₹6.04 crore. Over a span of three and a half months, the doctor transferred funds across 22 different bank accounts, influenced by scamsters posing as financial advisors specializing in IPOs and over-the-counter (OTC) trading.
The money trail revealed that the funds were dispersed through ATM withdrawals, cheque clearances, and further routing to tertiary accounts—classic layering techniques used in money laundering. The cyber police arrested Tapas Haldar (28) from Kolkata’s Ultadanga region. He was presented before the SDJM Court in Bhubaneswar, and his arrest follows earlier captures of Ashok Nanda (53) and Jayarani Basak (38), both hailing from West Bengal.
Technology and Deceit: How the Fraudsters Operated
Both cases reveal a sophisticated use of mobile-based fraud platforms, identity theft, WhatsApp impersonation, and digital payment loopholes. The arrested individuals possessed forged Aadhaar and PAN cards, fake banking instruments, and multiple SIM cards. By mimicking the user experience of legitimate financial services, the perpetrators exploited public trust in regulated investment platforms, while creating a digital labyrinth to escape detection.
Investigators also found that victims were psychologically manipulated using social proof tactics—fake profit screenshots, group testimonials, and false “customer support” desks.
Solutions and Warnings: The Need for Digital Vigilance
The State Crime Branch’s Cyber Crime Police Station has successfully frozen several accounts and seized digital evidence. However, officials caution that these incidents are not isolated, but part of a larger pan-India financial crime web. Citizens are urged to remain skeptical of unsolicited investment messages on WhatsApp, Telegram, and SMS, and to verify links before engaging.
Authorities recommend reporting suspicious activity immediately to the Cyber Helpline (1930) and reiterate that SEBI-registered platforms are the only safe channels for stock and IPO investments.
A Wake-Up Call in the Digital Age
These twin arrests offer a telling glimpse into the evolution of cyber fraud in India—where traditional con artistry now meets digital sophistication. While law enforcement’s decisive action is commendable, the battle against cyber-enabled financial crime is far from over. The real solution lies in a threefold response: enhanced public awareness, smarter digital regulation, and prompt investigative coordination across state lines.
As India strides deeper into a tech-first economy, its citizens must remember: digital convenience comes with the price of vigilance. In a world of easy returns, due diligence is your strongest defence.
(With inputs from agencies)
