Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police on Friday arrested three persons in connection with a major online trading fraud amounting to more than Rs 2 crore.
The accused have been identified as Bikram Keshari Sahoo, Dinesh Moharana and Sarbanam Sabat, all belonging to Bhubaneswar.They have been booked under various Sections of Indian Penal Code, including 406, 420, 467, 468, 471, and 120-B for cheating, criminal breach of trust, forgery, and conspiracy, provisions of the Odisha Protection of Interests of Depositors (OPID) Act (Sections 21(1), 21(2), and 23 under the BUDS Act), and Section 66(D) of the Information Technology Act.
The arrests followed a complaint filed by Sasadhar Mitra of Chandini Chowk in Cuttack.
According to the FIR registered on January 29, the fraudsters allegedly lured Mitra and other invest
ors in 2023 into depositing money in fraudulent online trading platforms operated under names such as BITOX and affiliated entities including AEXN Global, Cars Corner, and Eclat Coin. They promised exceptionally high returns, often double or triple the investment, within a short timeframe, along with guaranteed refund of the principal amount within three months.
Induced by these assurances and promotional activities, Mitra invested Rs 41.3 lakh and other victims, including Jayanti Panigrahi and Sukhmay Das, over Rs 1.28 crore. In total, more than Rs 2 crore was collected from the public. Thereafter, the accused shut down the associated company websites and mobile applications and absconded without returning any profits or principal to the investors.
Investigations revealed that the trio organised promotional meetings not only in Bhubaneswar and Cuttack but also in parts of Himachal Pradesh, West Bengal, and Andhra Pradesh to attract more participants. Deposits were collected directly into personal bank accounts as well as those linked to firms such as LIDONA and B K Constructions and Consultancy Pvt Ltd. These accounts are being verified as part of the ongoing probe and further investigation is underway to the full extent of the fraud.