The Odisha Crime Branch has arrested Rahul Jaiswal, a 36-year-old MBA graduate from Kolkata, for his alleged role in a Rs12.33 crore online investment fraud.
The case was registered by the Cyber Crime Police Station on September 6, 2025, after a victim reported being deceived through a fraudulent trading platform.
According to investigators, the scam began on July 31, 2025, when fraudsters approached the victim via WhatsApp, impersonating stock market advisors. They enticed him with fake investment tips and fabricated success stories, convincing him to download a bogus trading application.
Between August 12 and September 2, the victim transferred Rs12.33 crore in 52 separate transactions into nine different bank accounts. When he later attempted to withdraw the funds, the platform’s so-called “risk control team” denied his request, exposing the scam.
The investigation, led by Inspector Tapan Kumar Pradhan, involved detailed analysis of financial transactions and digital evidence. A raid conducted in Maniktala, Kolkata, led to Jaiswal’s arrest. Officials revealed that Rs4.15 crore of the defrauded money had been routed into a bank account linked to him.
During the operation, police seized multiple items, including mobile phones, SIM cards, and other digital devices believed to be connected to the fraud.
Jaiswal was presented before the Learned A.C.J.M. in Sealdah, Kolkata, where authorities secured his transit remand. He will be produced before the J.M.F.C.-III court in Cuttack for further proceedings.
Officials confirmed that the investigation is ongoing, with efforts focused on identifying other members of the organised cybercrime network and recovering the remaining funds.
The Crime Branch has also issued a public advisory, urging citizens to stay vigilant against unsolicited investment offers on social media and messaging platforms. People are advised to verify the authenticity of trading platforms before investing and to report suspicious activities through the 1930 Cyber Helpline or the National Cyber Crime Reporting Portal.
