Odisha Police Apprehend Kolkata Man in Major Online Investment Scam
Synopsis
The Odisha Police have made a crucial arrest in a significant online investment fraud case, wherein a businessman from Cuttack lost over Rs 12.33 crore. The accused, Rahul Jaiswal, led the scam through fake trading platforms and investment tips.
Key Takeaways
Odisha Police arrested a Kolkata man linked to a multi-crore fraud.
The victim lost over Rs 12.33 crore due to online investment schemes.
Fraudsters gained trust by providing fake investment tips.
The victim reported the case after realizing the scam.
Authorities seized incriminating evidence during the arrest.
Bhubaneswar, March 25 (NationPress) In a significant development, the Odisha Police have detained an individual from Kolkata linked to a multi-crore online investment fraud. This scam has led to a Cuttack-based businessman being swindled out of over Rs 12.33 crore, as disclosed by a senior official from the Crime Branch on Wednesday.
The accused, a 36-year-old man named Rahul Jaiswal, resides on Maniktala Main Road, Kakurgachi, Kolkata, West Bengal. Authorities have confirmed that Jaiswal holds an MBA degree and is currently running his own business.
The investigation revealed that on July 31, 2025, the victim was approached by unidentified cyber criminals via WhatsApp. Posing as stock market experts, these fraudsters convinced the businessman to join a WhatsApp group.
By sharing fabricated investment advice and phony testimonials, the scammers gained the victim's trust. They subsequently urged him to download a fraudulent trading app and invest money.
“From August 12 to September 2, 2025, the victim transferred a staggering Rs 12,33,50,000 from his Axis Bank account to nine separate accounts through 52 transactions, following the fraudsters' instructions. However, when he tried to withdraw his investment, the so-called 'risk control team' of the bogus platform repeatedly denied his requests,” the police official elaborated.
Realizing he had been deceived, the businessman filed an FIR at the Cyber Crime Police Station of the Crime Branch on September 6, 2025. The investigative team meticulously examined transaction trails and digital evidence. Utilizing technical intelligence and on-ground verification, a raid was executed in Maniktala, Kolkata, resulting in Jaiswal's arrest on Tuesday.
Furthermore, police sources indicated that the victim transferred Rs 4,15,50,000 into a bank account associated with the apprehended Jaiswal. During the raid, authorities seized numerous incriminating items, including mobile phones, SIM cards, and various digital devices from Jaiswal's possession.
Jaiswal has since been arrested and presented before the A.C.J.M., Sealdah, Kolkata, and is currently in transit custody to Odisha.
Point of View
Emphasizing the need for vigilance in online financial transactions. The swift actions of the Odisha Police underscore the importance of addressing cybercrime effectively to protect vulnerable individuals.
NationPress
21 Jun 2026
Frequently Asked Questions
What was the total amount defrauded in this investment scam?
The total amount defrauded in this investment scam exceeded Rs 12.33 crore.
Who is the accused in this case?
The accused is 36-year-old Rahul Jaiswal, a resident of Kolkata.
How did the fraudsters contact the victim?
The fraudsters contacted the victim through WhatsApp, posing as stock market consultants.
What action did the victim take after realizing the fraud?
The victim filed an FIR at the Cyber Crime Police Station on September 6, 2025.
What was seized during the arrest of the accused?
During the arrest, police seized mobile phones, SIM cards, and other digital devices.
