The Commissionerate Police of Odisha arrested three persons on Thursday for defrauding a retired government official of Rs 94.62 lakh through a fraudulent online stock trading platform.
The accused have been identified as:
Lala Basantara (21)
Manas Kumar Sahu (30)
Chinmaya Sahoo (19)
All three are residents of Reamal in Deogarh district.
According to police sources, the victim, a resident of Bhubaneswar, came into contact with the accused in September 2025. They claimed to be representatives of financial institutions registered with SEBI and later added the victim to multiple WhatsApp groups. The groups promised high returns from stocks, shares, and IPOs, with false assurances of SEBI compliance.
The victim was persuaded to invest through two mobile trading apps, identified as BOB Caps (BOB Capital Markets Limited) and Chola Pro (Cholamandalam Securities Limited). The apps falsely displayed profits, creating the impression of genuine market transactions. Following instructions from the accused, the complainant transferred substantial amounts to various third-party bank accounts via UPI, NEFT, and RTGS.
When the victim later attempted to withdraw the funds, he was asked to pay additional charges, including a 30% service fee labeled as taxes and processing charges. Between 24 September and 19 November 2025, the complainant deposited a total of Rs 94,62,461, yet withdrawals were denied. The app accounts showed an “abnormal” status, and all WhatsApp groups became inactive.
Finding no way to recover his money, the retired official approached the police. Acting promptly, authorities arrested Lala Basantara, Manas Kumar Sahu, and Chinmaya Sahoo on Thursday morning. Further investigations are underway to determine whether the accused were part of a larger network of online investment fraudsters.
