Cyber Crime
Odisha Crime Branch Busts Rs 6.28 Crore Cyber Scam; 24 Arrested with Global Links
The Odisha Crime Branch uncovered a massive cyber fraud scheme targeting investors with deceptive high-return promises. The case surfaced after Kuntal Mazumdar, a senior executive in a private firm, reported losing Rs 6.28 crore to an elaborate WhatsApp scam.
According to Crime Branch officials, the fraud began when Mazumdar was added to a WhatsApp group called ‘KOTAK INVESTMENT CLUB‘ in July 2024. Believing it to be a legitimate stock investment platform, Mazumdar was enticed by members posing as professional investors who promised rapid returns and exclusive discounts on shares. To gain his trust, group members maintained regular contact, guiding him through small initial investments before encouraging him to invest larger amounts. Convinced of substantial gains, Mazumdar ultimately invested Rs 6.28 crore in hopes of profit, officials stated.
Initially, cybercriminals persuaded Kuntal Mazumdar to invest small sums, turning Rs 50,000 into Rs 2 lakh within two days. Encouraged by this success, Mazumdar increased his investments, lured by promises of even greater returns and discounted shares. However, when he attempted to withdraw his funds, he was blocked from the group, and the transaction app was disabled. Realizing the fraud, he reported it to the Crime Branch Cyber Crime Unit in August 2024.
The Crime Branch’s investigation exposed a vast, organized operation spanning multiple states, with over 100 linked bank accounts across Tamil Nadu, Gujarat, and Rajasthan. Funds were routed through ATMs, cheques, and withdrawals to evade detection. A total of 24 suspects were arrested, with nine from Tamil Nadu, eight from Gujarat, and seven from Rajasthan. Bank records, mobile devices, and additional documents provided clear evidence of the fraud’s coordination.
ADG Vinaytosh Mishra confirmed that Rs 60 lakh in funds had been frozen, with the remainder under surveillance. Mishra stressed the importance of public awareness against such scams, particularly those that promise rapid profits through online investments. Further court proceedings for the suspects are underway, with several already presented before the Sub-Divisional Court in Angul.
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