The Economic Offences Wing (EOW) of the Odisha State Crime Branch on Friday arrested three men for allegedly cheating investors of nearly Rs2 crore through fraudulent online trading schemes operating across multiple states.
The accused have been identified as Bikram Keshari Sahoo, Dinesh Moharana, and Sarbanam Sabat, all in their 40s and residents of Bhubaneswar. According to EOW officials, the trio conducted promotional meetings in Bhubaneswar and Cuttack, and later expanded operations to Himachal Pradesh, West Bengal, and Andhra Pradesh in 2023 to lure unsuspecting investors.
Superintendent of Police, EOW, Dilip Tripathy, said the case came to light after a victim from Cuttack lodged a complaint, alleging that he was duped of Rs41.30 lakh. The complainant reportedly delayed approaching the police after the accused repeatedly promised to refund his money.
“They kept assuring him for years with false promises. When no refund was made, he finally approached us,” Tripathy said.
Investigations revealed that the accused convinced investors to deposit money into online trading platforms by promising high and quick returns. After collecting substantial amounts, they allegedly shut down their websites and mobile applications before disappearing, leaving investors stranded.
Further investigation is underway to identify additional victims and trace the money trail.
