In a major crackdown on cybercrime, the Bhubaneswar-Cuttack Commissionerate Police dismantled an interstate investment scam that operated through Telegram and social media platforms, resulting in seven arrests and the freezing of over Rs90 lakh in suspicious accounts.
The Cyber Crime & Economic Offences Police Station (CC & EO PS), in coordination with Madhupatna PS, identified a network that lured victims with promises of high returns on stock investments. The gang used fake companies, mule bank accounts, and sophisticated money-laundering techniques to siphon off crores while evading detection.
Police investigations revealed the gang’s operations involved multiple stages:
Opening mule bank accounts and acquiring SIM cards via collusion with bank employees and SIM vendors.
Registering fake entities like Mahakali Constructions Pvt Ltd and Priya Fintech to mask transactions.
Enticing victims through WhatsApp groups and social media ads with initial small profits before coercing larger investments on fraudulent trading platforms.
Rapidly moving funds through 10–15 accounts via UPI and online banking, then closing accounts and destroying SIM cards to erase evidence.
The arrested individuals include:
Bablu Nayak (27), Jagatsinghpur
Pannaga Narayan Dash (25), Cuttack
Rudra Madhab Mohapatra (23), B.Tech student, Jagatsinghpur
Bank staff allegedly supplying pre-activated accounts for commissions: Harekrushna Sahoo (30) – Utkarsha Small Finance Bank, Abhisek Mohanty (31) – Bandhan Bank, Debasish Mallick (32) – Axis Bank, and Swaraj Kumar Samal (32) – Suryodaya Small Finance Bank
Preliminary investigations linked the scam to cases in Chandauli (UP) and Supaul (Bihar), with two key suspects still at large.
Police seized: 69 mobile phones, 4 laptops, 3 desktops, 215 SIM cards, 554 bank passbooks, 702 debit/credit cards, over Rs90 lakh frozen, one car, two bikes, Rs 3,200 in cash, and documents of the fake companies.
The operation was led by ACP Satyajit Das, IIC Rashmita Jena, IIC Chita Ranjan Rout, and officers from CC & EO PS and Madhupatna PS.
Authorities warned the public to exercise caution with unsolicited investment offers on social media. “Avoid fake trading platforms on Telegram or WhatsApp. Verify company credentials, never rent out your bank accounts, and report losses promptly to 1930 or cybercrime.gov.in,” the advisory read.
