Bhubaneswar: The Cyber Crime Police Station of the Odisha Crime Branch has arrested one person in connection with a high-value online investment fraud involving a fake trading platform.
According to officials, the complainant was first contacted on July 31, 2025, through WhatsApp by cyber fraudsters posing as stock market consultants. They added him to a group, shared fake investment tips, and circulated fabricated testimonials to gain his trust.
The fraudsters then persuaded the victim to install a fraudulent trading application and invest money. Between August 12 and September 2, 2025, the complainant transferred Rs 12.33 crore from his Axis Bank account into nine different accounts through 52 transactions, following instructions from the accused.
When the victim attempted to withdraw his funds, the so-called “risk control team” of the fake platform blocked the request on various pretexts. Suspecting fraud, he later lodged an FIR at the Cyber Crime Police Station, according to the Crime Branch release.
During the investigation, a team led by Inspector Tapan Kumar Pradhan analysed transaction trails and digital evidence. Based on technical inputs and field verification, officials conducted a raid at Maniktala in Kolkata, West Bengal, and arrested Rahul Jaiswal (36).
Police said Rs 4.15 crore from the defrauded amount had been transferred to the bank account linked to the accused. He is an MBA graduate and currently self-employed.
During the operation, officials seized mobile phones, SIM cards, and other digital devices from his possession.
The accused was produced before the court of the A.C.J.M., Sealdah, Kolkata, and brought on transit remand. He will be produced before the court of J.M.F.C.-III, Cuttack, for further legal proceedings.
Officials said further investigation is underway to identify other members of the organised cyber fraud network and to trace the remaining amount.
