Odisha Crime Branch Nabs Kolkata MBA in Multi-Crore Cyber Fraud Scam
The Odisha Crime Branch made a significant breakthrough on Wednesday by arresting a 36-year-old MBA graduate from Kolkata for his alleged role in a sophisticated cybercrime syndicate. This syndicate is accused of defrauding a Cuttack-based businessman of a staggering Rs 12.33 crore through an elaborate online investment scam.
Details of the Arrest and Investigation
Police identified the accused as Rahul Jaiswal, a resident of Kankurgachi in Kolkata. Investigators from the crime branch uncovered that a portion of the illicit funds, specifically Rs 4.15 crore, had been funneled into Jaiswal's bank account, which directly led to his apprehension. During the arrest, authorities seized multiple mobile phones, SIM cards, and various digital devices from his possession.
Jaiswal was subsequently produced before a Sealdah court in Kolkata on Wednesday and transported to Bhubaneswar on transit remand. Police officials have indicated that they may seek his police remand for further interrogation as part of ongoing efforts to dismantle the entire criminal network.
How the Scam Unfolded
The victim, a 63-year-old businessman from Cuttack, filed a formal complaint on September 6, 2025, after falling prey to fraudsters who masqueraded as stock market consultants on social media platforms. The scammers lured him into a WhatsApp group, where they shared fabricated investment tips and fake testimonials to build credibility.
Initially, they convinced him to make small investments, showing him falsified profits to gain his trust. Once confident, they persuaded him to escalate his investments significantly. Between August 12 and September 2, 2025, the victim transferred over Rs 12.33 crore across nine different bank accounts in 52 separate transactions, following the fraudsters' instructions meticulously.
When the businessman attempted to withdraw his funds, the syndicate's "risk control team" on a fraudulent trading app denied his requests, citing bogus reasons. Police revealed that the gang had created this fake trading application along with a counterfeit e-wallet, both designed to display inflated profits and further mislead the victim.
Ongoing Efforts and Public Advisory
The crime branch is actively working to identify and apprehend other members of this cybercrime racket. In light of this case, authorities have issued a stern warning to the public, urging heightened vigilance against unsolicited investment offers on social media and messaging apps.
They emphasize the critical importance of verifying the authenticity of investment platforms and financial advisors before committing any funds. Victims of suspected cyber fraud are advised to report incidents immediately through the 1930 cyber helpline, their nearest police station, or the national cybercrime reporting portal at www.cybercrime.gov.in.
This arrest underscores the growing threat of online financial scams and the need for robust cybersecurity measures among citizens.
