Bhubaneswar: The Cyber Crime wing of Odisha police Friday busted an online investment fraud racket by arresting the mastermind of the gang from Dwarka area of New Delhi.
The accused, identified as Vinay Kumar Sharma (56), had defrauded a man from Odisha to the tune of Rs 2.06 crore by ensnaring the victim in the fraud on the pretext of exorbitantly high investment return, said police.
In this case, the complainant was contacted by unidentified cyber fraudsters through WhatsApp December 23, 2024 and was automatically added to a WhatsApp group.
The fraudsters, posing as financial experts, falsely represented one individual as a fund manager of a reputed company and lured the complainant with promises of high returns on investments.
The group regularly shared free stock market tips and daily technical analysis of NIFTY, thereby winning the complainant’s trust.
Believing the investment trips to be genuine, the complainant transferred a total amount of Rs 2.06 crore from his three different bank accounts to five different beneficiary accounts through 54 transactions during the period from 23 December 2024 to 24 March 2025, as directed by the fraudsters.
When the complainant attempted to withdraw the so-called investment returns, the fraudsters, posing as the “risk control team,” repeatedly refused to release the funds on various false pretexts. Realising that he had fallen victim to a well-orchestrated cyber fraud conspiracy, the complainant lodged an FIR at the Cyber Crime Police Station.
The investigators conducted an in-depth analysis of financial transactions and digital evidence. Based on credible leads, the team carried out a successful operation at Dwarka and identified one of the perpetrators as Vinay Kumar Sharma (56).
The accused was apprehended, and various incriminating materials, including mobile phones, SIM cards, Aadhaar cards, PAN cards, and other evidence, were seized from his possession.
The accused was arrested and produced before the Judicial Magistrate First Class-II, Dwarka Court No. 05, under sections 318(4)/319(2)/336(2) /336(3)/338/340(2)/61(2)/3(5) of BNS read with Sections 66-C/66-D of the Information Technology Act, 2000.
He has been brought on transit remand and will be produced before the Court of Sub Divisional Judicial Magistrate, Bhubaneswar, for further legal action, police said.
