In a major cybercrime breakthrough, Bhubaneswar-Cuttack Commissionerate Police dismantled a sophisticated interstate investment scam operating through Telegram and social media. The operation, led by the Cyber Crime & Economic Offences Police Station in coordination with Madhupatna PS, resulted in the arrest of seven individuals, including bank employees, and the freezing of over Rs90 lakh in suspicious accounts.
The scam targeted victims with promises of high returns on stock investments using fake companies and mule bank accounts. Fraudsters employed complex money-laundering techniques to evade detection. Fake entities like Mahakali Constructions Pvt Ltd and Priya Fintech were used to open high-limit accounts, masking illicit operations as legitimate businesses.
Victims were lured via social media ads and WhatsApp groups, enticed with small initial profits, then coerced into larger investments on bogus trading platforms. Once funds were transferred, money was rapidly layered through 10–15 accounts and subsequently withdrawn, with SIM cards destroyed to eliminate trails.
Arrests and Key Suspects:
Bablu Nayak (27), Jagatsinghpur – main accused
Pannaga Narayan Dash (25), Cuttack
Rudra Madhab Mohapatra (23), B.Tech student, Jagatsinghpur
Bank staff involved: Harekrushna Sahoo (30), Abhisek Mohanty (31), Debasish Mallick (32), Swaraj Kumar Samal (32)
Preliminary investigations link the gang to similar cases in Chandauli (U.P.) and Supaul (Bihar). Two suspects remain at large, and probes into SIM suppliers continue.
Seizures:
69 mobile phones, 4 laptops, 3 desktops
215 SIM cards, 554 bank passbooks, 702 debit/credit cards
₹90 lakh frozen, 1 car, 2 two-wheelers, Rs3,200 cash
Banners and documents of fake companies
The raid was conducted under the supervision of ACP Satyajit Das, IIC Rashmita Jena, IIC Chita Ranjan Rout, and officers from CC & EO PS and Madhupatna PS.
The police continue to investigate and trace additional victims and accomplices in this large-scale financial fraud network.
