Bhubaneswar: The state crime branch on Friday arrested a 56-year-old man from Delhi for his alleged involvement in a cybercrime syndicate that defrauded a 37-year-old businessman of Bhubaneswar of Rs 2 crore through an online investment scam.Police identified the accused as Vinay Kumar Sharma, an IT consultant of Janakpuri in West Delhi. The crime branch officials discovered that around Rs 43.75 lakh of the swindled money had been transferred into Sharma’s account, leading to his arrest. Police are continuing efforts to identify and arrest other members of the racket.The victim lodged a complaint with the crime branch’s cyber police station in Cuttack on March 28, 2025, after being duped by fraudsters who posed as stock market consultants on social media.They contacted him on Dec 23, 2024 and lured him into a WhatsApp group, shared fabricated investment tips and testimonials, and convinced him to invest larger sums after showing fake profits on smaller investments.“Between Dec 23, 2024 and March 24, 2025, he transferred Rs 2,06,07,500 crore to five different accounts in 54 transactions, following instructions from the fraudsters. When he tried to withdraw his funds, the fake platform’s “risk control team” denied his requests, citing false reasons,” said crime branch SP, Smit Parmar.
Police revealed that the gang had created a fraudulent trading app and a fake e-wallet displaying inflated profits to mislead the victim further.A team led by crime branch inspector Tapan Kumar Pradhan conducted analysis of financial transactions and digital evidence, leading to Sharma’s arrest. Police seized mobile phones, SIM cards, and other digital devices from his possession. Sharma was produced before judicial magistrate first class-II, Dwarka court, and brought to Bhubaneswar on transit remand.
“If required, we will seek his police remand for interrogation.
We are trying to identify other members of the gang,” said Parmar.The crime branch has urged citizens to remain vigilant against unsolicited investment offers on social media and messaging platforms, stressing the importance of verifying the authenticity of platforms and advisors before making financial transactions.“Victims of suspected cyber fraud are advised to report incidents immediately via the 1930 cyber helpline, the nearest police station, or the national cybercrime reporting portal (www.cybercrime.gov.in),” the crime branch SP said.
