Odisha: Three arrested in Rs 94.62 lakh investment fraud case

Bhubaneswar, Jan 30 (IANS) The Commissionerate Police of Odisha on Thursday arrested three persons in connection with an online investment scam, in which a retired government official was defrauded of Rs 94.62 lakh through a fraudulent stock trading platform.

The accused have been identified as Lala Basantara (21), Manas Kumar Sahu (30), and Chinmaya Sahoo (19), residents of Reamal in Deogarh district of the state.

According to police sources, in September 2025, the victim, a resident of Bhubaneswar, came into contact with the accused, who introduced themselves as representatives of financial institutions registered with the Securities and Exchange Board of India (SEBI). After some interactions, the accused added the victim to multiple WhatsApp groups.

The accused allegedly lured members of these groups by promising high returns from trading in stocks, shares, and IPOs.

They also gave false assurances to the victims regarding compliance with various SEBI norms. The complainant was persuaded to invest through two mobile trading applications, identified as BOB Caps (BOB Capital Markets Limited, Mumbai) and Chola Pro (Cholamandalam Securities Limited, Chennai).

These fraudulent applications falsely displayed profits on the investments, creating the impression that genuine market transactions were taking place.