Did Odisha Police Just Crack a Rs 2.36 Crore Fraud Case?
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Synopsis
In a shocking turn of events, the Odisha Police have arrested a cyber fraudster linked to an investment scam worth Rs 2.36 crore. This case highlights the dangers of online investment schemes and the importance of vigilance in today's digital landscape.
Key Takeaways
- Be cautious with online investments.
- Verify sources before engaging in any financial transactions.
- Understand the risks associated with investments in stocks and IPOs.
- Report suspicious activity to law enforcement.
- Educate yourself about cyber fraud tactics.
Bhubaneswar, May 8 (NationPress) The Odisha Police have apprehended a cyber fraudster from Alipore, Kolkata in West Bengal, related to an investment fraud amounting to Rs 2.36 crore, as stated by a senior official from the Crime Branch on Thursday.
The victim, a 50-year-old resident of the Purighat locality in Cuttack city, became involved with a WhatsApp group named "C-51 ICICI Securities Official Stock" in October 2023.
Upon joining the group, the cyber criminals convinced him to invest in stocks and IPOs through fraudulent apps (https://app.fiosh.com, https://bolsip.com), assuring him of substantial returns.
Initially, the scammers provided small profits to establish trust.
The victim was subsequently offered a fake loan for further investments in IPOs and was directed to a different application.
Under pressure from the fraudsters, the complainant made additional payments to secure the loan.
When the victim noticed that his total returns had exceeded Rs 3 crore, he attempted to withdraw the funds but encountered a "Pending Review" status.
Instead, the fraudsters coerced him into repaying a non-existent loan of Rs 1.5 crore, leading him to realize he had fallen victim to a scam.
From October 2023 to April 2024, the victim deposited a total of Rs 2.36 crore into various accounts provided by the criminals.
With no other options left, he finally reported the case to the Cyber Crime Police Station of the Crime Branch in Cuttack in April 2024.
Following the complaint, the police launched an investigation and arrested one suspect, Mohammed Zaki, from Hyderabad in Telangana last year.
In connection with the case, the investigative team, after scrutinizing transaction records and digital evidence, apprehended another suspect, Nikhil Jaiswal (23), from the Khiddipore area in Kolkata on Tuesday (May 6, 2025).
The Crime Branch officials disclosed in a press statement that Jaiswal's account received a portion of the total fraud sum of Rs 2.36 crore.
The police have confiscated several incriminating items, including a mobile phone, SIM cards, WhatsApp chat screenshots, Aadhar cards, PAN cards, bank passbooks, cheque books, and debit cards.
Meanwhile, the Crime Branch also arrested another suspect, Tapas Haldar (28), from Kolkata for defrauding victims out of Rs 6.04 crore. Previously, hotelier Ashok Nanda and his accomplice Jayarani Basak were detained in West Bengal on May 1, 2025.
Point of View
This case serves as a critical reminder for individuals to exercise caution when dealing with online investments. The Odisha Police's swift action showcases the importance of law enforcement in combating these digital threats and safeguarding the public.
NationPress
26/07/2025
Frequently Asked Questions
What is the amount involved in the Odisha cyber fraud case?
The cyber fraud case involves an amount of Rs 2.36 crore.
How did the victim get involved with the fraudsters?
The victim joined a WhatsApp group named 'C-51 ICICI Securities Official Stock' which led him to invest in fraudulent schemes.
What were the tactics used by the fraudsters?
The fraudsters used fake apps and initially provided small profits to gain the victim's trust before coercing him into further investments.
What actions have the police taken in this case?
The police have arrested multiple suspects, including Mohammed Zaki and Nikhil Jaiswal, and seized various incriminating items.
What should individuals do to protect themselves from cyber fraud?
Individuals should be cautious about online investment opportunities, verify sources, and avoid sharing personal information without thorough checks.
