The Commissionerate Police of Odisha arrested three individuals for allegedly defrauding a retired government official of Rs 94.62 lakh via a fake stock trading platform.
The accused have been identified as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), all residents of Reamal in Deogarh district.
According to police sources, the victim, a Bhubaneswar resident, first came into contact with the accused in September 2025, who posed as representatives of financial institutions registered with the Securities and Exchange Board of India (SEBI). The accused added the victim to multiple WhatsApp groups, promising high returns from trading in stocks, shares, and IPOs, and falsely assuring compliance with SEBI norms.
The victim was persuaded to invest through two mobile trading apps, BOB Caps (BOB Capital Markets, Mumbai) and Chola Pro (Cholamandalam Securities, Chennai). These apps displayed fake profits to create the impression of genuine market transactions. Following instructions from the accused, the victim transferred money totaling Rs 94,62,461 via UPI, NEFT, and RTGS into third-party bank accounts.
When the victim tried to withdraw funds, he was asked to pay additional charges, including a 30% service fee for taxes and processing. Eventually, the account status on the apps showed as “abnormal,” and the WhatsApp groups went inactive. Finding no other recourse, the victim approached the police.
On Thursday morning, Odisha Police arrested Lala Basantara, Manas Kumar Sahu, and Chinmaya Sahoo in connection with the scam, marking a significant breakthrough in combating online investment fraud in the state.
