In a significant crackdown on cybercrime, the Cyber Crime Unit of CID Odisha Crime Branch has apprehended 15 individuals involved in a complex web of investment fraud spanning cryptocurrency, stocks, and IPOs. The arrests were made following a series of complaints filed by victims who fell prey to promises of high returns on investments, ultimately losing substantial sums of money to the organized gang of cyber criminals.
The Modus Operandi
Operating under the guise of legitimate investment schemes, the arrested individuals lured unsuspecting victims with enticing offers of high-profit margins. Promising guaranteed returns through fake trading platforms and investment groups on social media platforms like Facebook and WhatsApp, they convinced victims to transfer large sums of money into accounts controlled by the fraudsters.
The masterminds behind this operation, Tushar Sharma and Bhavesh Thakur from Delhi, orchestrated the fraudulent network. They collaborated with local accomplices in Odisha—Ranjit Kumar Bal, Dillip Kumar Lenka, Sunil Prasad, Bishikesan Padhy, and others—who facilitated the creation of multiple bank accounts to facilitate fund transfers. These accounts, opened across various banks in Odisha, were used to funnel the fraudulently obtained money, totaling crores of rupees.
One victim from Bhubaneswar reported the scam to the CID Cyber Crime Unit after losing over Rs. 3 crores. Initially invited to join a WhatsApp group focused on institutional trading, the victim was gradually persuaded to invest in what appeared to be a legitimate trading platform. However, all attempts to withdraw funds or receive profits were thwarted by demands for additional fees and charges, leading to suspicions and eventual realization of being defrauded.
Cyber Crime Unit of CID – Investigation and Arrests
Cyber Crime Unit of CID PS Case No.39/2024 was registered on July 9, 2024, under various sections of the IPC and the Information Technology Act. Inspector Ashishdev Sahoo spearheaded the investigation, involving five independent teams due to the case’s complexity. The investigation traced the money trail, leading to the sequential arrests of the perpetrators.
The arrests began with Uttam Kumar Sahu and Dilip Kumar Lenka, followed by key operatives like Bisikesan Padhy and Sunil P. Dora, who had direct links to the masterminds in Delhi. Funds obtained through the fraudulent transactions were transferred to cryptocurrency wallets and distributed among the conspirators as commission.
Further investigations revealed the extent of the gang’s operations beyond Odisha, with multiple accused individuals linked to a string of cyber frauds nationwide. Accounts associated with the accused were implicated in numerous offenses reported in the National Cybercrime Reporting Portal (NCRP) of I4C under the Ministry of Home Affairs, underscoring the widespread nature of their criminal activities.
Seizure and Evidence
During the course of the investigation, authorities seized crucial evidence from the accused, including 20 mobile phones, 42 SIM cards, 20 debit cards, 3 chequebooks, and several identification documents like PAN and Aadhaar cards. These materials provided critical insights into the gang’s operations and facilitated the building of a robust case against them.
The modus operandi of the cyber criminals involved systematic targeting of individuals through social media platforms, enticing them into fake investment schemes promising unrealistically high returns. Victims were duped into opening accounts on fraudulent trading platforms where they could monitor fictitious profits but were consistently denied withdrawals under false pretexts of fees and taxes.
The successful dismantling of this criminal network highlights the proactive measures taken by the Cyber Crime Unit of CID Odisha Crime Branch to combat cybercrime. With the collaboration of law enforcement agencies and strategic investigative efforts, the authorities aim to curb such fraudulent activities and protect innocent individuals from falling victim to cyber scams.
In conclusion, the arrests of these 15 individuals serve as a stern warning to cyber criminals operating across state borders. The CID Odisha Crime Branch continues to urge the public to exercise caution when approached with investment opportunities that promise unusually high returns, emphasizing the importance of verifying the legitimacy of such schemes before making financial commitments.
Also read: Cyber Pro magazine
