The Odisha Crime Branch has uncovered a significant cyber fraud scheme that targeted investors with false promises of high returns. The investigation was prompted by a complaint from Kuntal Mazumdar, a senior executive, who reported losing Rs6.28 crore to an elaborate WhatsApp scam.
According to officials, the scam began when Mazumdar joined a WhatsApp group named ‘KOTAK INVESTMENT CLUB’ in July 2024. Misled into believing it was a legitimate investment platform, he interacted with members posing as professional investors who assured him of quick returns and exclusive discounts on shares. The scammers built trust by maintaining regular contact and guiding him through small initial investments before pushing him to invest larger sums.
Initially, the fraudsters persuaded Mazumdar to invest Rs50,000, which they falsely claimed turned into Rs2 lakh within two days. Motivated by this apparent success, he increased his investments, drawn by promises of even greater returns. However, when he tried to withdraw his funds, he found himself blocked from the group, and the transaction app was disabled. Realizing he had been scammed, he reported the incident to the Crime Branch Cyber Crime Unit in August 2024.
The investigation revealed a vast, organized operation involving over 100 linked bank accounts across multiple states, including Tamil Nadu, Gujarat, and Rajasthan. Funds were transferred through ATMs, cheques, and withdrawals to evade detection. In total, 24 suspects were arrested, with nine from Tamil Nadu, eight from Gujarat, and seven from Rajasthan. Bank records, mobile devices, and other documents provided substantial evidence of the fraud’s coordination.
ADG Vinaytosh Mishra confirmed that Rs60 lakh in funds had been frozen, with the rest under surveillance. He emphasized the need for public awareness regarding such scams, especially those promising rapid profits through online investments. Ongoing court proceedings for the suspects are in progress, with several already presented before the Sub-Divisional Court in Angul.