Bhubaneswar: The Cyber Crime and Economic Offences Police on Sunday arrested a man in connection with a cyber investment fraud that cheated a senior citizen of Rs 50.16 lakh. The arrested accused has been identified as Arabinda Paul (46), a resident of Hooghly district.
The victim, a resident of the Tamando area in Bhubaneswar, is a senior citizen and a retired employee of a private company. He was lured into investing money through a WhatsApp group that promised high returns from online trading.
According to Cyber Crime and Economic Offences Police Station IIC ACP Suchismita Das, a case (No. 19/25) has been registered under Sections 318(2), 318(4), and 319(2) of the Bharatiya Nyaya Sanhita (BNS). Preliminary investigation revealed that the fraud was executed as a one-time investment scheme.
Police said the accused and his associates contacted individuals through WhatsApp and induced them to invest by assuring unusually high profits. Trusting the promises, the victim invested Rs 50.16 lakh. However, when he attempted to withdraw the amount, his trading account was blocked and he received no returns.
Further investigation revealed that the defrauded money was routed through six different bank accounts across several states, including Maharashtra and Gujarat. Arvind Pal was identified as the primary beneficiary and is believed to have received around Rs 1 lakh from the fraudulent transactions.
Police also stated that the accused has a criminal history, with at least 17 cases of cheating and impersonation registered against him in various parts of the country.
Further investigation is underway to identify other accused involved in the racket and to trace the remaining funds.
