In a significant operation, the Odisha Crime Branch arrested 15 individuals linked to a major crypto, stock, and IPO investment fraud. Among those apprehended are two masterminds from Delhi, Tushar Sharma and Bhavesh Thakur, alias Alex, along with 13 accomplices from various regions of Odisha.
Crime Branch ADG Arun Bothra revealed that the Odisha-based suspects were involved in opening mule accounts across multiple banks to facilitate the transfer of funds. Some of these individuals even opened accounts in their names, fully aware that the funds were being used for cyber fraud and benefiting from the illicit gains.
The investigation was triggered by a complaint from a Bhubaneswar resident who claimed to have been duped by individuals posing as staff from a Securities Company and representatives of the Blackstone Investment Group. The victim received an enticing Facebook message inviting him to a WhatsApp group focused on institutional trading, promising significant discounts on shares and high investment returns.
After opening a trading account with Blackstone Trading, the victim transferred Rs 5 lakh initially from his wife’s account. Over time, this total ballooned to Rs 3 crore. When he attempted to withdraw his funds, he was confronted with a demand for a 20% management fee on profits, which they claimed had soared by over 300%. His withdrawal requests went unanswered, and the scammers became untraceable.
According to the National Cybercrime Reporting Portal (NCRP) under the Ministry of Home Affairs, this group is linked to multiple cyber frauds across the country. The mule accounts have been associated with 81 offenses nationwide, including the case in Bhubaneswar.
Senior officials indicated that the criminals initially identified targets through social media, subsequently inviting them to join WhatsApp or Telegram groups for discussions about trading and investments. Victims were then lured into opening fake trading accounts, which appeared to show growth in their investments but ultimately prevented any withdrawals.
