CUTTACK: The Crime Branch of Odisha Police on Tuesday arrested two cyber fraudsters from Gujarat for allegedly duping a Bhubaneswar-based business of a whopping Rs 5.14 crore through an investment scam.
The accused, Goyani Milanbhai Bhupatbhai and Koshiya Vaibhav Jitendrabhai, are from Bhavnagar in Gujarat. As per the complaint lodged by the victim in April last year, he had been automatically added to a WhatsApp group named ‘EQUITY HUB 41’ in March last year.
“A person claiming to be a Wharton School Graduate and former fund manager at JP Morgan, provided me free stock market advice and daily technical analysis of NIFTY, and persuaded me to invest money on the promise of receiving lucrative returns,” the complainant alleged.
Cyber Crime officials said the complainant transferred Rs 5.14 crore to eight different accounts from March 17 to April 4 last year. Till April 2025 his trading account showed a 3X increase, amounting to Rs 12 crore. However, when he wanted to withdraw the money, the risk control team of the hub refused to release his funds citing various reasons. Realising he had been duped, the victim lodged a complaint.
The CB team analysed the transaction details and other digital evidences and nabbed the duo. They are in transit remand and will be produced in SDJM Court, Bhubaneswar. Earlier, a person from Assam had been arrested in connection with the case.