The Commissionerate Police of Odisha on Thursday arrested three persons in connection with an online investment scam that defrauded a retired government official of Rs94.62 lakh through a fake stock trading platform.
The accused have been identified as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), all residents of Reamal in Deogarh district.
According to police sources, the victim, a resident of Bhubaneswar, first came in contact with the accused in September 2025. The suspects posed as representatives of financial institutions allegedly registered with the Securities and Exchange Board of India (SEBI) and added the victim to multiple WhatsApp groups.
The accused lured members by promising high returns on stocks, shares, and IPOs and gave false assurances regarding compliance with SEBI norms. The victim was persuaded to invest using two mobile trading applications — BOB Caps (BOB Capital Markets, Mumbai) and Chola Pro (Cholamandalam Securities, Chennai).
These applications falsely displayed profits, creating the impression of real market transactions. Trusting the fraudsters, the victim transferred substantial amounts via UPI, NEFT, and RTGS to third-party accounts.
When attempting to withdraw funds, the victim was asked to pay additional charges, including a 30% service fee labeled as tax and processing costs. Between September 24 and November 19, 2025, the victim deposited Rs94,62,461, but withdrawals were blocked, and all WhatsApp groups became inactive.
Finding no alternative, the retired official approached the police. Following investigation, the three accused were arrested on Thursday morning, and further inquiries are underway to trace the misappropriated funds.
