In a major crackdown on cyber fraud, Cuttack Police dismantled a Telegram-based investment scam that operated through fake companies and mule bank accounts to cheat unsuspecting investors. Seven individuals have been arrested, and more than Rs 90 lakh has been frozen across multiple bank accounts, said DCP (Cuttack) Khilari Rishikesh Dnyandeo.
Police registered a suo motu case at the Cyber Crime and Economic Offences Police Station in Cuttack after uncovering the fraudulent network. The main accused has been identified as Bainu Nayak (27) from Balikuda in Jagatsinghpur district. Others arrested include Pannaga Narayan Dash (25) of Mahanga, Cuttack, and Rudra Madhaba Mohapatra (23) of Tirtol, Jagatsinghpur, who was residing in Biribati Tanaraba Sasan.
Additionally, four bank officials and facilitators were taken into custody for allegedly assisting the syndicate in opening fake current accounts in exchange for financial benefits. They include Harekrushna Sahoo (30), relationship manager at Utkarsha Small Finance Bank, Nuabazar, Cuttack; Abhisek Mohanty (31), deputy manager at Bandhan Bank, Jagatsinghpur; Debasish Mallick (32), PRO at Axis Bank, Jagatsinghpur; and Swaraj Kumar Samal (32), assistant branch manager at Suryodaya Small Finance Bank, Dolamundai, Cuttack.
According to DCP Khilari, the gang targeted victims through social media advertisements and Telegram groups, promising high returns on small investments. Once funds were transferred, the money was swiftly routed through 10 to 15 different bank accounts using UPI and online banking channels, making detection and tracking challenging.
“The accused used a well-structured modus operandi involving fake companies, mule accounts, and rapid fund transfers. We have frozen over Rs 90 lakh and seized numerous digital and financial tools. The investigation is ongoing to identify more victims and trace the absconding accused,” the DCP stated.
During the operation, police seized 69 mobile phones, four laptops, three desktop computers, 215 SIM cards, 554 bank passbooks, 702 debit and credit cards, two four-wheelers, and one two-wheeler.
Preliminary investigations have revealed possible links to similar cases in Chandauli district of Uttar Pradesh and Supaul district of Bihar, indicating the scam may have operated across state lines.
Authorities continue to probe the extent of the network and are working to bring the remaining accused to justice.
