Cuttack police on Saturday busted a Telegram-based investment scam operating through fake companies and mule bank accounts, arresting seven individuals and freezing over Rs 90 lakh in multiple bank accounts, officials said. Two accused remain at large.
The case was registered suo moto at the Cyber Crime and Economic Offences Police Station, Cuttack. The main accused are Bainu Nayak (27) of Balikuda (Jagatsinghpur), Pannaga Narayan Dash (25) of Mahanga, Cuttack, and Rudra Madhaba Mohapatra (23) of Tirtol, Jagatsinghpur, currently residing in Biribati Tanaraba Sasan.
Police also arrested four bank officials and facilitators who allegedly helped open fake current accounts in exchange for monetary benefits:
Utkarsha SFB, Nuabazar, Cuttack (Relationship Manager)
Harekrushna Sahoo (30), Deputy Manager, Bandhan Bank, Jagatsinghpur
Abhisek Mohanty (31), PRO, Axis Bank, Jagatsinghpur
Debasish Mallick (32), Assistant Branch Manager, Suryodaya SFB, Dolamundai, Cuttack
Swaraj Kumar Samal (32)
DCP (Cuttack) Khilari Rishikesh Dnyandeo said the gang lured victims via social media advertisements and Telegram groups, promising massive profits on small investments. Money was then rapidly layered through 10–15 bank accounts via UPI and online banking, making tracing extremely difficult.
“The accused followed a well-planned modus operandi involving fake companies, mule accounts, and rapid fund transfers. Over Rs 90 lakh has been frozen and a large number of digital and financial instruments seized. Investigations are ongoing to identify more victims and track the absconders,” DCP Khilari said.
Police seized 69 mobile phones, 4 laptops, 3 desktops, 215 SIM cards, 554 bank passbooks, 702 debit/credit cards, 2 four-wheelers, and 1 two-wheeler. Preliminary links have been found with cases in Chandauli district, Uttar Pradesh, and Supaul, Bihar.
