Odisha Police nab 15 in multi-crore crypto and stock investment fraud

Bhubaneswar, July 10: The Cyber Crime Unit of CID, Crime Branch, made a significant breakthrough by apprehending 15 individuals involved in a series of cyber-crime cases related to crypto, stock, and IPO investment fraud.

This organized syndicate of cyber criminals operated fraudulent investment schemes promising high returns, luring unsuspecting victims into transferring funds directly to the perpetrators' accounts.

Among the arrested individuals are Tushar Sharma and Bhavesh Thakur, also known as Ankit and Alex from Delhi, identified as the masterminds behind the operation. Collaborating with them were accomplices from Odisha, including Ranjit Kumar Bal from Kendrapada, Dillip Kumar Lenka from Balasore, Sunil Prasad from Ganjam, and Bishikesan Padhy alias Siba from Rayagada. These associates facilitated the transfer of funds by opening current accounts across various banks.

The investigation was prompted by a complaint from a victim in Bhubaneswar, who reported being defrauded by individuals posing as representatives of a Securities Company affiliated with Blackstone Investment Group. The victim, enticed through social media, joined a WhatsApp group promising significant profits from institutional trading. Despite transferring substantial sums totaling ₹3,04,00,000, the victim was unable to retrieve any funds upon requesting withdrawals, as the fraudsters demanded additional fees citing inflated profits.

CID CB Cyber PS Case No.39/2024 was registered on July 9, 2024, under relevant sections of the IPC and Information Technology Act. Inspector Ashishdev Sahoo led a multi-team effort to trace and apprehend the suspects, revealing a complex web of financial transactions. The investigation uncovered links connecting local operatives in Odisha with their counterparts in Delhi, who managed to transfer the illicitly obtained funds into crypto wallets and disbursed commissions among the syndicate.