BHUBANESWAR: The Crime Branch of Odisha Police arrested a New Delhi native on charges of cheating a Bhubaneswar-based businessman of over Rs 2 crore on the pretext of investing his money in trading and providing high returns.
The accused Vinay Kumar Sharma (56) of New Delhi’s Janakpuri area was brought by the CB to Odisha recently on transit remand. The agency had registered a case in this connection in March last year.
The complainant stated that cyber fraudsters impersonating as financial experts contacted him on WhatsApp in December 2024, and added him to a group. One of the scamsters posed as a fund manager of a reputed company and lured the complainant on the promise of providing high returns.
Investigation revealed the accused regularly shared free stock market tips and daily analysis of Nifty in the group and gained the complainant’s trust. The victim then transferred the money to five bank accounts through 54 transactions from December 23, 2024 to March 24, 2025.
The fraudsters claimed they had a ‘risk control team’ and repeatedly refused the businessman to release his money on various false pretexts. After realising about the scam, he had approached the Cyber Crime police station.
Subsequently, police nabbed Sharma, an IT supplier, and seized various incriminating items like mobile phones, SIM cards, Aadhaar and PAN cards and other evidence from him. The agency also advised the citizens to not trust unsolicited investment offers circulated through social media or messaging apps and to verify the authenticity of any trading and investment platform before transferring money.