Bhubaneswar: The Odisha Crime Branch, in coordination with the Cyber Police, has arrested two men from Gujarat in connection with a large-scale online investment fraud in which a man was duped of Rs 5.14 crore through a fake trading platform, officials said Tuesday.
The accused have been identified as Milanbhai Bhupatbhai (31) and Koshiya Vaibhav Jitendrabhai (30), both residents of Surat district in Gujarat.
According to Crime Branch sources, the complainant was contacted March 17, 2025, through WhatsApp and was automatically added to a group named ‘Equity Hub 41’.
Also Read: Three held for Rs 94.62 lakh online investment fraud
One of the fraudsters posed as a Wharton School graduate and a former JP Morgan fund manager, claiming to manage a USD 6 million asset portfolio.
The group offered free stock market tips and daily NIFTY technical analysis to gain the complainant’s trust.
Believing the claims, the victim transferred Rs 5.14 crore to eight different bank accounts between March 17 and April 9, as instructed by the fraudsters.
The fake trading account later showed a threefold increase, reflecting an investment value of nearly Rs 12 crore.
However, when the victim attempted to withdraw the funds, his efforts went in vain as he was unable to retrieve the amount.
Following digital and financial trail analysis, a Crime Branch team conducted raids in Gujarat and arrested the duo.
Mobile phones, SIM cards and other incriminating materials were seized from their possession.
The accused were produced before a Judicial Magistrate in Gujarat and are currently on transit remand.
They will be forwarded to the SDJM Court in Bhubaneswar.
One of the accused had earlier been arrested from Assam in connection with the same case.
