<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Odisha Police&rsquo;s Crime Branch has struck a major blow against cybercrime, arresting two individuals from West Bengal accused of defrauding a victim of over Rs 6 crore through a fake investment scheme. The suspects, Ashok Nanda, 53, from Siliguri, Darjeeling district, and Jayarani Basak, 38, from North 24 Parganas, Kolkata, allegedly lured the victim with promises of high returns on Initial Public Offerings (IPOs) and Over-the-Counter (OTC) trading, only to siphon off millions.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The case came to light on January 13, 2024, when a complaint was filed at Cuttack&rsquo;s Cyber Crime Police Station, alleging that the victim lost Rs 6,04,53,000 over three and a half months. Posing as trading experts, the fraudsters convinced the complainant to transfer funds into 22 different bank accounts, claiming the investments would yield substantial profits. When the victim couldn&rsquo;t access the promised returns, they alerted the police, triggering a detailed investigation.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The scam was carefully orchestrated. The accused contacted the victim through digital platforms, likely social media or messaging apps, presenting themselves as stock market specialists. They pitched exclusive IPO allotments and OTC trading opportunities, persuading the victim to transfer funds from eight bank accounts, including those of associates, totaling Rs 6.04 crore in the initial phase. Bank records confirmed the transactions, with Nanda directly receiving Rs 1.11 crore.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">On May 1, 2025, the Crime Branch arrested Nanda in Siliguri, seizing his mobile phone, SIM card, Aadhaar card, and PAN card for analysis. He was produced before a local magistrate for transit remand and later presented before Bhubaneswar&rsquo;s Sub-Divisional Judicial Magistrate on May 5. Basak was apprehended in Kolkata on May 4, with Rs 6 lakh traced to her account from Nanda&rsquo;s, indicating a layered money-laundering operation. Her mobile phone, SIM card, Aadhaar card, and PAN card were also seized, and she was brought to Bhubaneswar for court proceedings.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Using scientific analysis and tracking the money trail, the Crime Branch uncovered a network of bank accounts designed to obscure the funds&rsquo; movement. The case was registered under multiple sections of the Bharatiya Nyaya Sanhita, including charges for cheating, forgery, and cybercrime, as well as provisions of the Information Technology Act, 2000. While Rs 6 lakh in Basak&rsquo;s account has been frozen, recovering the full amount remains challenging due to the dispersed funds.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The investigation continues, with authorities suspecting additional accomplices and potential other victims. This case reflects the growing threat of cyber fraud in India, where fraudsters exploit trust in digital platforms. In a similar incident, an Odisha MLA and former IT minister lost Rs 1.4 crore to an online trading scam between November 2024 and January 2025, leading to seven arrests in Karnataka and Tamil Nadu. In October 2024, the Crime Branch busted another syndicate, arresting 24 people across Tamil Nadu, Gujarat, and Rajasthan for a Rs 6.28 crore WhatsApp-based scam.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Odisha Police have urged citizens to verify investment schemes and report suspicious activity via the 1930 Cyber Helpline or at local police stations. The arrests highlight the need for stronger cybersecurity and public awareness, as fraudsters increasingly use fake identities and high-pressure tactics. In 2023, the Economic Offences Wing arrested two West Bengal residents for a ponzi scheme potentially worth over Rs 1,000 crore, underscoring the scale of such crimes.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Nanda, a Siliguri hotelier, and Basak, operating a second-layer account, reveal how diverse individuals can facilitate cyber fraud. The case exposes the complexity of tracing funds across multiple accounts, a tactic used to evade detection. As the Crime Branch works to recover the defrauded amount and identify other perpetrators, this bust serves as a warning about the risks of unverified online investments.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The Odisha Police&rsquo;s swift action demonstrates their commitment to tackling cybercrime, but public vigilance remains critical in an era of rising digital scams. For now, Nanda and Basak face legal proceedings, while the victim awaits justice in a case that lays bare the perils of online financial fraud.</span></div>

Crime Branch  Arrest Two from West Bengal

Crime Branch nabs Siliguri hotelier and Kolkata woman in elaborate IPO and OTC trading scam, exposing vulnerabilities in online investment schemes

Odisha Police Crack Rs 6 Crore Cyber Fraud Case, Arrest Two from West Bengal

Crime Branch nabs Siliguri hotelier and Kolkata woman in elaborate IPO and OTC trading scam, exposing vulnerabilities in online investment schemes

May 6, 2025 | 10:49 IST