The Crime Branch of Odisha Police has successfully dismantled a cyber fraud syndicate, arresting 24 individuals involved in swindling Rs 6.28 crore from a senior officer of JSPL in Angul. The syndicate operated a fake trading scheme, targeting unsuspecting victims through WhatsApp.
According to Vinaytosh Mishra, ADG of the Crime Branch, the case began when Kuntal Majumdar, a senior officer at JSPL, received an unsolicited invitation to join a WhatsApp group named “Kotak Investment Club” on August 24. Believing the group was legitimate, Majumdar was persuaded by the admin to invest in 2,540,000 shares priced at Rs 19 each between August 1 and 7. The scam took a more convincing turn when, shortly after Majumdar’s investment, the share price suddenly increased to Rs 110, inflating the value of his investment to Rs 25 crore.
When Majumdar expressed interest in withdrawing his funds, the group admin allowed him to withdraw Rs 23 crore on August 21. However, as soon as Majumdar attempted to withdraw the remaining funds, he was removed from the WhatsApp group, and the trading app used for the transactions was deactivated, leaving him unable to access his money.
Majumdar filed a formal complaint with the Cyber Police Station in Cuttack, prompting the Crime Branch’s cyber crime unit to take swift action. The police set up seven investigative teams to track the money trail. After a thorough investigation, police identified over 100 different bank accounts into which the victim’s funds had been transferred. All these accounts were promptly frozen, with a balance of Rs 16.85 lakh. Additionally, Rs 6.80 lakh has been recovered and transferred back to Majumdar’s account.
The arrested individuals included nine from Tamil Nadu, eight from Gujarat, and seven from Rajasthan. While the 24 suspects arrested were considered “foot soldiers” in the syndicate, police are still pursuing the kingpin of the operation. Mishra explained that after the fraud was carried out, the kingpin would remove the victim from the WhatsApp group, transfer the funds to the foot soldiers’ accounts, and withdraw the money within a few days. In exchange for their involvement, the foot soldiers received a commission.
The investigation is ongoing, and efforts are underway to apprehend the kingpin responsible for orchestrating the scam.
This case highlights the growing threat of cyber fraud through social media platforms and the need for caution when engaging in online trading or investment opportunities.
