Two Arrested in ₹6.04 Crore Online Investment Scam by Odisha Crime Branch

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

The arrests followed a complaint filed on January 13, 2024. The accused, identified as Ashok Nanda of Siliguri and Jayarani Basak of North 24 Parganas, were apprehended by the Cyber Crime Unit of the Crime Branch.

According to the complaint, the victim was lured over a span of three and a half months with assurances of high returns from stock market investments. He was manipulated into transferring a total of ₹6,04,53,000 to 22 different bank accounts under the fraudsters’ control. Suspicion arose when he was denied withdrawal of the promised profits, prompting him to report the fraud to the Cyber Crime Police Station, CID-Crime Branch, Odisha.

Modus Operandi

The Crime Branch revealed that the accused deployed a complex layering technique to obscure the money trail. The funds initially deposited into 22 accounts were funneled into eight secondary accounts, including those held by the accused and their associates. The money was then withdrawn via ATMs, cheques, or transferred to additional “second-layer” accounts, making the tracking process more difficult.

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

Jayarani Basak, who held a second-layer account that received ₹6 lakh from Nanda’s account, was arrested on May 4 from North 24 Parganas. She was produced before the magistrate for a transit remand. Similar personal documents and devices were seized from her.

A case (Case No. 02) has been registered 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.

The Crime Branch is continuing its investigation to trace other associates and recover the defrauded amount.