The Commissionerate Police of Odisha arrested three persons on Thursday, linked to a major online investment fraud. The suspects allegedly swindled a retired government official out of Rs 94.62 lakh by using a fraudulent stock trading platform.
The arrested individuals have been identified as 21-year-old Lala Basantara, 30-year-old Manas Kumar Sahu, and 19-year-old Chinmaya Sahoo. All three are residents of the Reamal area in Odisha’s Deogarh district.
According to police sources, the scam began in September 2025 when the Bhubaneswar-based victim was contacted by the accused. Posing as representatives of financial institutions registered with the Securities and Exchange Board of India (SEBI), the accused gained the victim’s trust before adding him to several exclusive WhatsApp groups.
The accused reportedly enticed members of these groups with the prospect of massive returns on stocks, shares, and IPOs. They also gave false assurances to the victims regarding compliance with various SEBI norms. Eventually, the complainant was persuaded to begin trading through two mobile applications—”BOB Caps” and “Chola Pro”—which were designed to mimic legitimate firms like BOB Capital Markets and Cholamandalam Securities.
These malicious apps were programmed to show fake profit growth, misleading the victim into believing he was participating in genuine market activity. Convinced by the rising numbers on the screen, the complainant followed the fraudsters’ instructions and transferred significant sums to various third-party bank accounts through UPI, NEFT, and RTGS.
The deception came to light when the complainant attempted to withdraw the supposed earnings. Instead of receiving the money, the complainant was asked to pay additional charges, including a 30 per cent service fee in the name of tax and processing charges. Between September 24 and November 19, 2025, the complainant deposited a total of Rs 94,62,461 across multiple accounts, yet all withdrawal requests were blocked.
The account status on the applications was displayed as “abnormal,” and all the WhatsApp groups suddenly became inactive. Finding no other way to recover his money, the retired government official approached the police, who arrested the three accused on Thursday morning.
