The Crime Branch of Odisha Police has arrested a 56-year-old Delhi resident in connection with a sophisticated online investment fraud in which cybercriminals swindled a Bhubaneswar-based businessman of Rs 2.06 crore through a fake trading platform. The accused, Vinay Kumar Sharma, a resident of Janakpuri, West Delhi, was apprehended on the night of April 22, 2025, following a money trail traced by Crime Branch investigators. He is being brought to Odisha on transit remand and will be produced before the SDJM Court in Bhubaneswar on Friday, April 25.

How the Fraud Was Executed

The elaborate scam began on December 23, 2024, when fraudsters first approached the Bhubaneswar businessman via WhatsApp and subsequently added him to a group. The cybercriminals posed as seasoned financial experts, with one fraudster falsely presenting himself as a fund manager of a reputed company.

To build credibility and gain the victim's trust, the gang regularly shared free stock market tips and conducted daily technical analysis of NIFTY within the group. This calculated strategy is a hallmark of what cybersecurity experts call pig butchering scams — a method where fraudsters nurture victims over weeks before executing the final deception.

Convinced by the seemingly genuine financial advice and promises of high returns, the businessman transferred a staggering Rs 2,06,07,500 from his three different bank accounts to five separate beneficiary accounts across 54 transactions between December 23, 2024, and March 24, 2025.

Victim Blocked When Trying to Withdraw Funds

When the victim attempted to withdraw his promised returns, fraudsters posing as a risk control team repeatedly denied the withdrawal requests, citing various fabricated pretexts. This blocking tactic is a well-documented final stage of investment fraud schemes, designed to extract additional payments under the guise of taxes, fees, or compliance charges.

Realising he had been ensnared in a well-orchestrated cyber fraud, the businessman filed an FIR at the Cyber Crime Police Station of the Crime Branch on March 28, 2025. Crime Branch officials confirmed these details in an official press statement.

Arrest and Investigation Trail

Crime Branch sleuths meticulously followed the money trail and corroborating digital evidence, leading them to Vinay Kumar Sharma, who operates an electronics shop in Delhi. Investigators suspect Sharma received a significant portion of the defrauded amount through the beneficiary accounts.

Notably, this is not the first arrest in the case. Another accused linked to the same fraud network was apprehended by Crime Branch officers from Bihar in February 2025, indicating the operation spans multiple states with a distributed network of money mules and facilitators.

Broader Pattern of Cyber Investment Fraud in India

This case is part of a disturbing national trend. According to the Indian Cyber Crime Coordination Centre (I4C), investment fraud through fake trading apps and WhatsApp groups has emerged as one of the fastest-growing categories of cybercrime in India, with losses running into thousands of crores annually. Odisha alone has seen a sharp rise in such complaints over the past 18 months.

The Ministry of Home Affairs has repeatedly issued advisories warning citizens against joining unsolicited investment groups on messaging platforms and urged people to verify platforms on the SEBI-registered broker list before investing. Despite these warnings, the sophistication of such scams continues to trap educated, financially aware individuals.

The Crime Branch of Odisha has been increasingly proactive in cross-state cyber fraud investigations, with this arrest being part of a broader crackdown on networks that use layered bank accounts to launder proceeds of cybercrime across state lines.

What Happens Next

Vinay Kumar Sharma will be produced before the SDJM Court, Bhubaneswar, on April 25, 2025, where investigators are expected to seek police custody for further interrogation. Crime Branch sources indicate that more arrests are likely as the investigation uncovers additional nodes in the fraud network. Authorities are also working to freeze and recover the defrauded funds from the identified beneficiary accounts.