Bhubaneswar: The Crime Branch of Odisha Police arrested two persons from West Bengal in connection with a high-value investment fraud case to the tune of Rs 6.04 crore, related to share market and IPO allotment scams.
The accused have been identified as Ashok Nanda (53), a resident of Himalayan Orchid Apartment, Pradhan Nagar, Darjeeling district, and Jayarani Basak (38) of Bakimpally, Panihati in North 24 Parganas district.
As per a Crime Branch press release, the case was registered on January 13, 2024, following a written complaint that the victim had been duped of Rs 6,04,53,000 over a period of 3.5 months in the name of share market investment.
The complainant reportedly transferred the amount to multiple bank accounts as instructed by the fraudsters, who promised high returns through IPO and OTC trading schemes. However, when he was unable to withdraw his returns, he realised the fraud and lodged a complaint with the Cyber Crime Police Station, CID-CB, in Cuttack.
Preliminary investigation showed that the complainant had transferred the money into 22 different bank accounts from eight accounts belonging to him and his associates. The trail shows that the funds were layered through multiple accounts and withdrawn via cheque or ATM, often on the same day.
Ashok Nanda was arrested on May 1 from Siliguri and produced before a local magistrate for transit remand. He is identified as a first-layer account holder, with Rs 1.11 crore directly deposited into his account. Nanda, who runs a hotel business in Siliguri, was found in possession of a mobile phone, SIM card, Aadhaar card, and PAN card, which were seized.
On May 4, Jayarani Basak was apprehended and also produced before a magistrate. She is a second-layer account holder, with Rs 6 lakh received directly from Nanda’s account. Similar items, including a mobile phone, SIM card, Aadhaar card, and PAN card, were seized from her possession.
Both accused were produced before the SDJM Court in Bhubaneswar on Monday.
The Crime Branch has urged people to remain vigilant against unsolicited investment offers circulated on social media and messaging platforms. Officials advise individuals to verify the legitimacy of such schemes before investing and to report suspected cyber frauds immediately by calling the 1930 Cyber Helpline or visiting the nearest police station.
