Odisha: Are Three Individuals Behind the Rs 94.62 Lakh Investment Fraud?
Synopsis
In a shocking turn of events, the Odisha police have apprehended three individuals connected to a massive online investment scam that swindled a retired government official out of a staggering Rs 94.62 lakh. This incident sheds light on the rising trend of financial frauds exploiting unsuspecting victims through deceptive platforms.
Key Takeaways
Investment scams are on the rise, targeting unsuspecting individuals.
Be cautious about online trading platforms that promise unrealistic returns.
Always verify the legitimacy of financial institutions before investing.
Utilize official channels for reporting suspected fraud.
Stay informed about SEBI regulations to protect your investments.
Bhubaneswar, Jan 30 (NationPress) The Commissionerate Police in Odisha detained three suspects on Thursday linked to a significant online investment fraud that deceived a retired government official out of Rs 94.62 lakh via a deceptive stock trading platform.
The individuals have been named as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), all hailing from Reamal in the Deogarh district.
As per police reports, the incident began in September 2025 when the victim, residing in Bhubaneswar, was approached by the accused who claimed to be agents of financial institutions registered with the Securities and Exchange Board of India (SEBI). Following several discussions, the victim was added to various WhatsApp groups.
The fraudsters reportedly enticed group members by guaranteeing substantial returns from stock, share, and IPO trading. They also provided misleading assurances regarding adherence to SEBI regulations. Succumbing to their influence, the victim invested through two mobile trading platforms, namely BOB Caps (from BOB Capital Markets Limited, Mumbai) and Chola Pro (from Cholamandalam Securities Limited, Chennai).
The fraudulent platforms misleadingly indicated profits on the investments, creating an illusion of legitimate market activities. Trusting these assertions, the victim transferred large sums to various third-party accounts using UPI, NEFT, and RTGS.
When attempts were made to withdraw funds, the victim was confronted with additional fees, including a 30% service charge labeled as tax and processing fees. Ultimately, the victim deposited a total of Rs 94,62,461 into different bank accounts provided by the fraudsters from September 24 to November 19, 2025. Despite these payments, withdrawal requests were denied.
The account status on the applications was marked as “abnormal,” and all associated WhatsApp groups became inactive. Left with no means to retrieve his funds, the retired government official sought police assistance, leading to the arrest of the three suspects on Thursday morning.
Point of View
It is imperative to highlight how this incident reflects the growing concern of online financial frauds in our nation. It's a reminder of the importance of vigilance and due diligence when investing in financial markets. The police's swift action in apprehending the culprits is commendable, but it also underscores the need for increased public awareness about such scams.
NationPress
2 May 2026
Frequently Asked Questions
What was the amount involved in the investment fraud?
The fraudulent scheme involved a total of Rs 94.62 lakh.
Who were the accused in this fraud case?
The accused are Lala Basantara, Manas Kumar Sahu, and Chinmaya Sahoo, all from Reamal, Deogarh.
How did the fraudsters lure the victim?
They lured the victim through WhatsApp groups by promising high returns on stock trading and falsely claiming compliance with SEBI regulations.
What action did the police take?
The Commissionerate Police of Odisha arrested the three suspects involved in the scam.
What platforms were used for the fraudulent investments?
The victims were directed to invest through mobile applications BOB Caps and Chola Pro.
