Bhubaneswar: The Odisha Police have arrested a man from Kolkata in connection with a multi-crore online investment scam in which a businessman from Cuttack was duped of more than Rs 12.33 crore, a senior Crime Branch official said Wednesday.
The 36-year-old accused, identified as Rahul Jaiswal, is a resident of Maniktala Main Road, Kakurgachi, Kolkata, West Bengal. The police further ascertained that the accused Jaiswal is an MBA graduate and is currently self-employed.
The senior official noted that July 31, 2025, the victim businessman from Cuttack was contacted by unknown cyber fraudsters through WhatsApp. The cyber criminals, identifying themselves as stock market consultants, lured the victim to join a group on WhatsApp.
The fraudsters gained his confidence by sharing fake investment tips and fabricated testimonials. Subsequently, the victim was persuaded to install a fraudulent trading application and invest funds.
“Between August 12 and September 2, 2025, the complainant transferred a total amount of Rs 12,33,50,000 from his Axis Bank account into nine different accounts through 52 transactions, as instructed by the fraudsters. When he attempted to withdraw the invested amount, the so-called “risk control team” of the fake platform denied the request on various pretexts,” added the senior police official.
He soon realised that he had fallen into the trap and lost such a huge amount. Subsequently, the victim lodged an FIR at the Cyber Crime Police Station of the Crime Branch September 6, 2025. The investigating team carried out a thorough analysis of transaction trails and digital evidence. Based on technical intelligence and field verification, a raid was conducted at Maniktala, Kolkata, West Bengal, leading to the arrest of accused Jaiswal Tuesday.
The police sources also revealed that Rs 4,15,50,000, out of the total defrauded amount, was transferred by the complainant into the bank account linked to the arrested accused. During the raid, incriminating materials, including mobile phones, SIM cards, and other digital devices, were seized from the accused Jaiswal’s possession.
The accused was arrested and produced before the A.C.J.M., Sealdah, Kolkata, and has been brought to Odisha on transit remand.
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