The Criminal Investigation Department (CID) of Jharkhand has arrested a cybercriminal for allegedly defrauding an Army officer of Rs2.98 crore by luring him into investing in a fake trading platform impersonating the Chicago Board of Options Exchange, officials said on Sunday.
The accused, Dinesh Jaiswal, was apprehended during a raid in Jamshedpur on Saturday. This case marks Jharkhand’s largest-ever investment fraud registered by CID, according to senior department officials. The Army officer reportedly lost nearly all his life savings in the scam.
The CID stated that the victim had been manipulated through a Telegram channel offering high returns in metal trading, allegedly hosted by a fake platform. The scam mimicked the operations of a reputed international exchange to gain the victim’s trust.
Following a complaint filed on July 27, the Cybercrime Police Station registered a case under appropriate sections of the Bharatiya Nyaya Sanhita (BNS) and Information Technology Act.
Investigators uncovered that the fraudulent proceeds were funneled through an IndusInd Bank account under the name Jaiswal Enterprises, based in Kolkata. That same account has now been linked to another investment scam worth Rs3.29 crore, registered in Noida’s Sector 36 police station.
CID officials confirmed the presence of international connections in the fraud network and are continuing to trace additional linked accounts, handlers, and digital assets associated with the scam.
As part of a public advisory, the CID warned against investing through unknown websites, links, or apps and advised citizens to avoid Telegram and WhatsApp groups that promise guaranteed profits or insider trading tips.
