Bhubaneswar: In a significant crackdown on cyber-enabled financial crime, authorities have arrested two individuals in connection with a massive ₹5.14 crore online investment fraud that duped an unsuspecting investor through a fake trading platform. The case, registered in Odisha, highlights the growing scale and sophistication of digital investment scams targeting individuals across the country.
According to investigators, the accused have been identified as Kiran Gurung (55) and Randheer Kumar Ray (46), both residents of Darjeeling district in West Bengal. They were apprehended following a detailed investigation that tracked digital evidence and financial transactions linked to the fraud. Officials believe the duo may be part of a larger interstate cybercrime syndicate operating similar schemes.
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How The Scam Worked
The case dates back to April 9, 2025, when a complaint was filed by the victim, who alleged being lured into investing in the stock market through a fraudulent online trading platform. The victim was initially contacted via social media and messaging platforms, where fraudsters promised high and guaranteed returns on investments.
Over a span of 20 days, starting March 17, 2025, the victim transferred a staggering ₹5,14,00,000 in multiple transactions, convinced by the fake profits displayed on the platform. Investigators revealed that the platform was designed to simulate real-time gains, thereby building trust and encouraging larger investments.
However, the scam unraveled when the victim attempted to withdraw the funds. The request was blocked by the fraudsters, who then demanded additional payments under various pretexts. Realising the deception, the victim reported the matter through the national cybercrime helpline 1930 and filed a formal complaint, triggering an in-depth probe.
During the investigation, authorities conducted a meticulous analysis of the money trail and uncovered the use of multiple bank accounts to route the defrauded funds. Notably, a joint bank account linked to the accused was found to have received approximately ₹49.1 lakh from the total रकम. Subsequent raids led to the seizure of mobile phones, SIM cards, Aadhaar cards, PAN cards, and other incriminating materials believed to have been used in executing the scam.
Wider Network Suspected
Preliminary findings suggest that the arrested individuals were not acting alone. Officials suspect the involvement of a wider interstate network engaged in running fake investment platforms and laundering money through layered banking channels. Efforts are currently underway to identify other members of the syndicate and trace the remaining रकम.
Cybercrime experts describe such scams as a blend of social engineering and financial fraud. A researcher at Algoritha Security noted that fraudsters often exploit human psychology by showing initial gains to build credibility. “Once trust is established, victims are persuaded to invest larger amounts. By the time they realise the fraud, the money has already been siphoned off through complex channels,” the expert explained.
Authorities have urged the public to exercise extreme caution while dealing with online investment opportunities, especially those promising unusually high returns in a short period. Investors are advised to verify the authenticity of trading platforms, check regulatory approvals, and avoid transferring funds without due diligence.
Officials also emphasized the importance of timely reporting. Victims of cyber fraud are encouraged to immediately contact the helpline 1930 or register complaints on the official cybercrime portal to improve the chances of fund recovery and assist in faster investigation.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
