Odisha man arrested by Delhi Police in stock trading fraud case, Rs 2.97 crore transactions under probe

New Delhi, Aug 10 (IANS) Delhi Police’s Cyber Police Station, Shahdara, has busted a stock trading and IPO investment fraud racket and arrested a cybercriminal from Odisha who allegedly facilitated the routing of fraud proceeds through multiple bank accounts.

Investigators have found that Rs 2.97 crore was credited to one of the suspect accounts within just two months, while the account has been linked to 17 cyber fraud complaints registered across the country.

The action was taken in connection with e-FIR No. 75/2026, registered on April 1, under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) at Cyber Police Station, Shahdara, based on a complaint filed by Ram Chander Yadav.

According to police, the complainant alleged that he was added to a WhatsApp investment group named “Bull Market Dhan Club H10608”, where fraudsters posed as expert stock market traders and investment advisors. They lured him into investing money in stock trading and Initial Public Offerings (IPOs) by promising high and assured returns.

To gain his confidence, the fraudsters displayed fake profits on purported investment platforms and applications. Believing the representations to be genuine, the complainant transferred a total of Rs 4.75 lakh through UPI and net banking transactions.

When he later attempted to withdraw the profits shown on the platform, the fraudsters demanded an additional Rs 12 lakh as processing and withdrawal charges. Realising that he had been cheated, the complainant approached the police, following which an investigation was initiated.

A dedicated team comprising Inspector Shweta Sharma, ASI Rajdeep, Head Constables Javed, Narender, and Deepak, and Constable Ranjeet was constituted under the leadership of SHO Vijay Kumar and the close supervision of ACP, Operations, Gurdev Singh.

During the investigation, the team carried out a detailed analysis of the financial trail linked to the defrauded amount. Investigators found that approximately Rs 3.75 lakh of the cheated money had been credited into a Central Bank of India account maintained in the name of Fusion Enterprises.

The account was identified as a corporate account held jointly by Subrat Kumar Sahoo and Santosh Kumar Lenka, with a registered address in Bhubaneswar. Technical analysis of the mobile number linked to the account revealed that it was registered in the name of Sahoo.

Following sustained technical surveillance and legal procedures, police traced and arrested Sahoo, 33, from Bhubaneswar.

During interrogation, Sahoo disclosed that he had opened and arranged several bank accounts to facilitate illegal financial transactions. He admitted to operating approximately seven bank accounts, including corporate and savings accounts, which were allegedly used for routing suspicious transactions.

Police said an examination of his mobile phone revealed chats with co-accused persons regarding bank accounts and financial transactions. The accused also disclosed that the SIM card linked to the bank account had later been discarded.

A detailed analysis of the account revealed that approximately Rs 2.97 crore (Rs 2,97,33,000) had been credited into it over a period of about two months. Investigators further found that Sahoo, along with co-accused Lenka, had travelled to Guwahati by air in connection with activities linked to the account.

One of the key findings of the investigation is that the account has been linked to 17 cyber fraud complaints registered in different parts of India, indicating its possible use in multiple online fraud operations.

According to Delhi Police, the fraudsters targeted victims through WhatsApp groups, Telegram channels and social media platforms, posing as stock market experts and investment professionals. Victims were initially encouraged to invest small amounts and were shown fabricated profits through fake investment applications. In some cases, small withdrawals were allowed to build trust.

Once victims gained confidence, they were persuaded to invest larger sums. When they attempted to withdraw their money, they were asked to pay additional charges under various pretexts such as taxes, verification fees, compliance charges, or withdrawal processing costs. After extracting substantial amounts, the fraudsters allegedly stopped responding and severed all communication.

Police recovered a mobile phone and a SIM card from the accused. Further investigation is underway to identify other members of the racket, trace the complete financial network and uncover additional bank accounts allegedly used to route proceeds of cyber fraud.

Delhi Police has advised citizens to remain cautious while investing through WhatsApp groups, Telegram channels, social media platforms or unknown investment applications.

–IANS

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