Bhubaneswar: The Odisha Crime Branch Cyber Police has arrested a 56-year-old man from Delhi in an alleged online investment scam amounting to over Rs 2.06 crore. The accused, Vinay Kumar Sharma, a resident of Janak Puri in West Delhi, was apprehended during an operation in Dwarka area of Delhi.
According to the Crime Branch, the fraud began on December 23, 2024, when the victim was contacted via WhatsApp and added to a group. Fraudsters, posing as financial experts and stock market analysts, shared free tips on the NIFTY index and daily technical analysis to build trust. They introduced one person as a fund manager of a reputed company and promised high returns on investments.
Lured by these assurances, the complainant transferred a total of Rs 2,06,07,500 from three different bank accounts to five beneficiary accounts in 54 separate transactions between December 23, 2024, and March 24, 2025.
When the victim later tried to withdraw the supposed profits, the scammers, claiming to be from a risk control team, refused to release the funds on various false pretexts. Realising he had been cheated, the complainant filed an FIR.
Following which, a case was registered at the Cyber Crime Police Station on March 28, 2025, under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act-2000, including cheating, criminal breach of trust, and identity theft-related provisions.
A team led by Inspector Tapan Kumar Pradhan conducted a thorough investigation, analysing financial trails and digital evidence, which pointed to Sharma’s involvement in the fraud, leading to his subsequent arrest. Further investigation is underway to trace other members of the gang and recover the defrauded amount.
Police have urged the public to verify investment opportunities through authorised channels and remain cautious of unsolicited financial advice on messaging apps.