Bhubaneswar, 24 April (H.S.): The Cyber Crime unit of the Odisha Crime Branch has cracked a major online investment fraud case involving ₹2.06 crore, arresting one accused from Delhi, officials said on Friday.
The arrested person has been identified as Vinay Kumar Sharma (56), a resident of West Delhi. He was apprehended from Dwarka following a detailed investigation into the scam.
According to officials, the fraud began on December 23, 2024, when the complainant was contacted by cyber criminals via WhatsApp and added to a group promoting stock market investments. The accused and his associates allegedly posed as financial experts and projected one individual as a fund manager of a reputed firm, luring the victim with promises of high returns.
To build credibility, the fraudsters regularly shared stock tips and technical analysis related to NIFTY. Acting on their instructions, the victim transferred ₹2,06,07,500 from three bank accounts to five beneficiary accounts through 54 transactions between December 23, 2024, and March 24, 2025.
When the complainant later attempted to withdraw the returns, the accused, posing as a “risk control team,” denied the request on various pretexts. This led the victim to lodge an FIR at the Cyber Crime Police Station.
During the investigation, a team led by Inspector Tapan Kumar Pradhan conducted extensive financial and digital analysis, which helped identify the accused Acting on specific leads, police conducted a raid in Dwarka and arrested Sharma.
Authorities seized mobile phones, SIM cards, Aadhaar and PAN cards, along with other incriminating materials from his possession.
The accused was produced before the Judicial Magistrate First Class-II, Dwarka, under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, 2000. He has been brought on transit remand and will be produced before the SDJM court in Bhubaneswar for further legal proceedings.
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Hindusthan Samachar / Monalisa Panda
