Did the EOW Arrest Three in a Rs 2 Crore Online Trading Fraud?
Synopsis
The Economic Offences Wing of Odisha Police has made significant strides by arresting three individuals linked to a massive Rs 2 crore online trading scam. This incident raises alarm about the growing threat of online financial fraud, which has captured the attention of authorities and investors alike.
Key Takeaways
Three suspects arrested for a Rs 2 crore online trading fraud.
Fraudsters promised high returns on investments.
Victims were lured by multiple promotional meetings .
Authorities are investigating the operation of fraudulent companies .
Investors are urged to be vigilant and informed .
Bhubaneswar, Jan 30 (NationPress) The Economic Offences Wing (EOW) of the Odisha Police has detained three suspects for allegedly swindling numerous investors out of more than Rs 2 crore under the guise of online trading, as revealed by a senior EOW official on Friday.
The individuals apprehended include Bikram Keshari Sahoo from the Patia locality, Dinesh Moharana from Soubhagya Nagar, and Sarbanam Sabat from the Sahid Nagar region of Bhubaneswar. Their arrest was made in relation to a case initiated following a complaint filed by a victim investor, Sasadhar Mitra, residing in Chandini Chowk, Cuttack.
In his complaint, Mitra claimed that throughout 2023, the accused enticed him and other investors to put their money into online trading schemes launched by BITOX and its partner entities including AEXN Global, Cars Corner, and Eclat Coin. The fraudsters guaranteed substantial returns on investments within a brief timeframe.
“Convinced, the informant (Mitra) invested Rs 41,30,200, while other investors, such as Jayanti Panigrahi and Sukhmay Das, collectively invested over Rs 1.28 crore. After securing these public funds, the accused shut down the company websites and mobile applications before fleeing the area without providing any returns to the investors,” the senior EOW official elaborated.
He further mentioned that during the investigation, authorities discovered that Bikram, in collusion with Dinesh and Sarbanam, persuaded the public to invest in online trading schemes promoted by BITOX and its associated companies by promising returns of two to three times the investment. They also assured investors that their principal amount would be returned within three months.
The suspects conducted promotional gatherings in Bhubaneswar and Cuttack, Odisha, and in various locations across Himachal Pradesh, West Bengal, and Andhra Pradesh to attract more investors.
Reports suggest that the fraudsters collected deposits in their personal bank accounts, as well as those held in the names of businesses such as LIDONA and B K Constructions and Consultancy Pvt. Ltd., maintained at Axis Bank, HDFC Bank, and State Bank of India.
Point of View
It's imperative to highlight the increasing prevalence of online financial frauds, which pose significant risks to investors across the country. The swift action by the Economic Offences Wing serves as a crucial reminder for the public to remain vigilant and informed about potential scams. NationPress stands with the public in advocating for transparency and accountability in financial dealings.
NationPress
10 May 2026
Frequently Asked Questions
What is the online trading fraud case about?
The case involves three individuals who allegedly deceived investors by promoting fraudulent online trading schemes, resulting in losses exceeding Rs 2 crore.
Who are the accused in the case?
The accused are Bikram Keshari Sahoo, Dinesh Moharana, and Sarbanam Sabat, all residents of Bhubaneswar.
How did the fraud occur?
The fraudsters lured investors by promising high returns on investments in schemes associated with BITOX and other entities.
What actions have authorities taken?
The Economic Offences Wing has arrested the suspects and is investigating the operations of their fraudulent schemes.
What can investors do to protect themselves?
Investors should conduct thorough research and due diligence before investing in any online trading schemes to avoid falling victim to fraud.
