Bhubaneswar: The Cyber Crime Police Station of the Odisha Crime Branch has arrested a 36-year-old MBA graduate from Kolkata in connection with a sophisticated cybercrime syndicate that swindled a 63-year-old businessman from Cuttack of over Rs 12.33 crore through a fraudulent online investment scheme.
The accused, identified as Rahul Jaiswal, a resident of Kankurgachi in Kolkata, West Bengal, was nabbed after investigators traced Rs 4.15 crore of the looted money to his bank account. Police seized mobile phones, SIM cards, and other digital devices from his possession during the raid.
According to senior Crime Branch officials, the victim lodged a complaint on September 6, 2025, after falling prey to fraudsters who posed as stock market consultants on social media. The scammers lured him into a WhatsApp group, where they shared fabricated investment tips, fake testimonials, and manipulated profit screenshots to build trust. The gang allegedly convinced the victim to invest escalating amounts by displaying artificial gains on smaller initial transactions.
Between August 12 and September 2, 2025, the businessman transferred Rs 12.33 crore across nine different accounts in 52 separate transactions, following instructions from the fraudsters. When he attempted to withdraw his funds, the perpetrators, operating a bogus trading platform and fake e-wallet, denied the requests through a fabricated “risk control team” with excuses such as pending verifications or additional fees.
This modus operandi mirrors a rising trend of similar scams reported across India in recent months, where cybercriminals use WhatsApp groups, fake trading apps, and forged documents to exploit investors’ desire for quick returns on stocks, IPOs, or digital assets.
Jaiswal was produced before a Sealdah court in Kolkata on Wednesday and subsequently brought to Bhubaneswar on transit remand. Police indicated they may seek his custody for further interrogation to uncover details about other syndicate members. Further investigation is underway to unravel the full racket.
The Odisha Crime Branch has also issued a public advisory urging citizens to exercise caution against unsolicited investment offers received via social media or messaging apps. Victims of suspected cyber fraud are advised to immediately report incidents via the national helpline 1930, the nearest police station, or the portal www.cybercrime.gov.in.
