In a major breakthrough against cybercrime, the Bhubaneswar police have arrested a 46-year-old man from West Bengal for allegedly masterminding a cheating and impersonation racket that defrauded an Odisha resident of over Rs50 lakh through a fake online investment scheme.
The case once again highlights the rising threat of WhatsApp-based investment scams, where fraudsters use bogus trading platforms and impersonation tactics to lure unsuspecting victims.
According to a press note issued by the Bhubaneswar Cyber Crime and Economic Offences Police Station (CC & EO PS), the matter came to light after a complaint was filed by Bhagirathi Mohanta, a resident of Brindaban Garden Apartment, Bhagbanpur, Bhubaneswar.
Mohanta stated that he joined a WhatsApp group titled “SMC SIT III WII Group” on October 8, 2024, after receiving an invitation. Within the group, he was guided by a woman identifying herself as Kriti Gupta, who claimed to be an assistant and coordinator. She persuaded him to open a trading account with a platform named “KIIo8 SMC Capital Customer Care Unit.”
Acting on the instructions of the fraudsters, Mohanta transferred a total of Rs50.16 lakh from his bank accounts into multiple accounts controlled by the scammers. When the promised investment returns failed to materialise, he realised he had been cheated and lodged a complaint.
Based on the complaint, Case No. 19 was registered on January 24, 2025, under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS), 2023.
During the investigation, police arrested the prime accused Arabinda Paul, son of Shankar Paul, a resident of Hooghly district, West Bengal. Paul, who holds an MBA degree, is alleged to be the main beneficiary of the fraud and posed as a key coordinator in the scheme. A keypad mobile phone was seized from his possession.
Investigators revealed that the accused and his associates posed as legitimate investment advisors, circulated WhatsApp invitations promising high returns, and directed victims to transfer funds into bank accounts falsely projected as being linked to reputed firms. In reality, the accounts were operated by the fraudsters, who conducted high-volume transactions daily to avoid detection.
Police have issued an advisory urging citizens not to transfer money to unknown accounts without proper verification. Victims of cybercrime are advised to report incidents via www.cybercrime.gov.in
The investigation, led by SI K. Mohallik, is ongoing to identify additional accomplices and recover the siphoned funds.
