The Crime Branch of Odisha Police has arrested a 31-year-old cyber fraudster from Bihar in connection with a Rs2.06 crore investment scam, a senior officer confirmed on Friday.
The accused, identified as Prins Raj, hails from Ratanapur village in Bihar’s Begusarai district. He was arrested following an investigation into a case registered at the Cyber Police Station of the Crime Branch on March 28, 2025, based on a complaint filed by a Bhubaneswar-based businessman.
How the Fraud Unfolded
According to the complaint, the businessman was contacted on WhatsApp on December 23, 2024, by unidentified cyber fraudsters. One of them posed as a fund manager of a reputed company and persuaded him to invest in the share market through a fraudulent trading platform.
The fraudsters offered free stock market tips and daily technical analysis of NIFTY to gain the victim’s trust. Over time, they convinced him to make multiple investments.
Between December 23, 2024, and March 24, 2025, the businessman transferred Rs2,06,07,500 from three different bank accounts into five separate accounts linked to the accused. The total amount was sent in 54 transactions.
Withdrawal Denied, Fraud Exposed
When the victim later attempted to withdraw his funds, he was repeatedly denied by a so-called “risk control team,” which cited various excuses to block the transaction. Realising he had fallen prey to a well-planned cyber conspiracy, he lodged an FIR at the Cyber Crime Police Station.
Following technical analysis and financial tracking, the Crime Branch traced the money trail and arrested Raj from Begusarai on Wednesday night. Police sources revealed that Raj received Rs40 lakh out of the total defrauded amount.
The accused is being brought to Odisha on transit remand and will be produced before the Sub-Divisional Judicial Magistrate (SDJM) Court in Bhubaneswar for further legal proceedings.
Investigations are ongoing to identify other members of the cyber fraud network and recover the remaining funds.
