Bhubaneswar: The Odisha Crime Branch’s Cyber Police has arrested a 56-year-old man from New Delhi in connection with a major online investment fraud that duped a complainant of over Rs 2.06 crore through a fake trading platform, officials said on Thursday.
The accused has been identified as Vinay Kumar Sharma, a resident of Janak Puri in West Delhi. He was apprehended from the Dwarka area following a detailed analysis of financial transactions and digital evidence, led by Inspector Tapan Kumar Pradhan.
According to the press release from the CID CB Odisha, the complainant was added to a WhatsApp group on December 23, 2024, without their consent. The fraudsters, posing as financial experts and a fund manager from a reputed company, shared stock market tips and analysis to build trust. Believing the scheme to be genuine, the victim transferred a total of Rs 2,06,07,500 from three bank accounts to five different beneficiary accounts across 54 transactions between December 2024 and March 2025.
When the victim attempted to withdraw the promised returns, individuals posing as a “risk control team” refused to release the funds on various false pretexts. Realizing he had been cheated, the victim filed a First Information Report (FIR) with the Cyber Crime Police Station.
Following the arrest, police seized incriminating materials from Sharma’s possession, including mobile phones, SIM cards, Aadhaar and PAN cards.
The accused has been produced before a Dwarka court and is being brought to Bhubaneswar on transit remand. He faces charges under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including sections related to cheating and criminal conspiracy, as well as Sections 66-C (identity theft) and 66-D (cheating by impersonation) of the Information Technology Act, 2000.
The Odisha Crime Branch has urged citizens to remain vigilant against unsolicited investment offers on social media and messaging apps. “Always verify before investing to avoid falling victim to cyber frauds,” the release stated, adding that such incidents should be reported to the 1930 Cyber Helpline or the nearest police station.
