Police have arrested two men from West Bengal in connection with a cyber fraud case in which a Bhubaneswar resident was allegedly duped of ₹81.30 lakh on the false promise of high returns from stock market investments. The suspects allegedly gained the victim’s confidence by posing as financial experts on a messaging platform and coaxing him into transferring funds through a dedicated mobile application. When the investor later attempted to withdraw his principal and purported earnings, he found the funds inaccessible and the platform disabled.
Lured Through Messaging Platform and Fraudulent Application
The arrested individuals have been identified as Bimal Kalindi, 37, and Partha Halder, 39, both residents of Bandwan in the Purulia district of West Bengal. Investigators stated that the duo targeted Bhubaneswar resident Niranjan Boitai by promising substantial stock trading profits. The operation commenced after Boitai was added to a WhatsApp group where members presented themselves as seasoned stock market professionals, sharing investment strategies and showing attractive returns to establish trust.
Following these interactions, the victim was instructed to install an application named Maverick Cap to conduct his trades. Convinced by the representations made within the group, Boitai began transferring money through the platform. Over several transactions, he deposited a cumulative sum of ₹81,30,082, encouraged by interface displays that showed his investments and profits steadily growing.
Withdrawal Blocked After Substantial Deposits
The fraud unraveled when Boitai attempted to withdraw his money from the application. He discovered that the withdrawal feature was entirely non-functional, and the application soon ceased operating altogether. After repeated failed attempts to access his funds, Boitai realized he had been cheated and lodged a formal complaint with the cyber police.
Acting on the complaint, investigators traced the digital footprint of the scheme and analyzed the bank accounts utilized to receive the transfers. Technical leads pointed officers to West Bengal, where a police team located and apprehended both Kalindi and Halder.
Investigation Underway to Trace Money Trail and Network
Police are currently scrutinizing the money trail to identify the specific destination accounts where the defrauded funds were routed. Interrogators are questioning both accused men to ascertain the internal structure of the syndicate, establish how operations were coordinated, and determine if other associates were involved. Investigators are also examining whether the same investment scam was deployed to target additional victims across the country.
Cybercrime authorities noted that online investment frauds frequently follow this pattern, initiating contact through social platforms with claims of extraordinary financial gains. Operators often display fictitious profits on rigged applications to entice victims into depositing larger sums, ultimately locking the accounts or demanding further payments once significant amounts have been collected.
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