Bhubaneswar: The Cyber Wing of the Odisha Crime Branch has arrested a 36-year-old man from West Bengal in connection with a massive online investment fraud involving a fake trading platform worth Rs 12.33 crore.
The accused has been identified as Rahul Jaiswal, a resident of 245A, Maniktala Main Road, Kakurgachi, Kolkata. An MBA graduate and currently self-employed, Jaiswal allegedly duped an investor by luring him into a fake trading app and persuading him to transfer large sums of money.
According to the Crime Branch, the complainant was contacted via WhatsApp on July 31, 2025, by unidentified fraudsters posing as stock market consultants. They gained his confidence through fake investment tips and fabricated testimonials. Subsequently, the victim was convinced to install a fraudulent trading application and invest his funds.
Between August 12 and September 2, 2025, the victim transferred a total of Rs 12,33,50,000 from his Axis Bank account into nine different accounts through 52 transactions, as directed by the fraudsters. When he attempted to withdraw his investment, the so-called “risk control team” of the fake platform denied his requests, prompting him to lodge an FIR at the Cyber Crime Police Station.
The investigation team, led by Inspector Tapan Kumar Pradhan, meticulously analysed transaction trails and digital evidence. Acting on technical intelligence and field verification, a raid was conducted at Maniktala, Kolkata, which led to the identification and arrest of Jaiswal.
Officials said that Rs 4.15 crore of the defrauded amount was traced to a bank account linked to the accused. During the operation, mobile phones, SIM cards, and other digital devices were seized. The accused was produced before the Learned A.C.J.M., Sealdah, Kolkata, and brought on transit remand. He will be forwarded to the Court of the Learned J.M.F.C.-III, Cuttack, for further legal proceedings.
The Crime Branch said the investigation is ongoing to identify and apprehend other members of the organised cyber fraud network and to trace the remaining defrauded funds.
