Bhubaneswar: The Commissionerate Police of Odisha on Thursday arrested three persons in connection with an online investment scam, in which a retired government official was defrauded of Rs 94.62 lakh through a fraudulent stock trading platform.
The accused have been identified as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), residents of Reamal in Deogarh district of the state.
According to police sources, in September 2025, the victim, a resident of Bhubaneswar, came into contact with the accused, who introduced themselves as representatives of financial institutions registered with the Securities and Exchange Board of India (SEBI). After some interactions, the accused added the victim to multiple WhatsApp groups.
The accused allegedly lured members of these groups by promising high returns from trading in stocks, shares, and IPOs. They also gave false assurances to the victims regarding compliance with various SEBI norms. The complainant was persuaded to invest through two mobile trading applications, identified as BOB Caps (BOB Capital Markets Limited, Mumbai) and Chola Pro (Cholamandalam Securities Limited, Chennai).
These fraudulent applications falsely displayed profits on the investments, creating the impression that genuine market transactions were taking place. Believing these claims, the complainant, following the instructions of the accused, transferred substantial amounts to various third-party bank accounts via UPI, NEFT, and RTGS.
When the complainant later attempted to withdraw the funds, he was asked to pay additional charges, including a 30 per cent service fee in the name of tax and processing charges. In total, the victim deposited Rs 94,62,461 into various bank accounts shared by the fraudsters between September 24 and November 19, 2025. Despite these deposits, withdrawal of funds was not permitted.
The account status on the applications was displayed as “abnormal,” and all the WhatsApp groups suddenly became inactive. Finding no other way to recover his money, the retired government official approached the police, who arrested the three accused on Thursday morning.
(IANS)
