Bhubaneswar, May 8: The Cyber Wing of the State Crime Branch has arrested a prime accused in a significant online investment fraud case amounting to a staggering ₹2.36 crore.
According to the report, a 50-year-old resident of Purighat, Cuttack, lodged a complaint at the Cyber Crime Police Station on October 4, 2023, reporting a large-scale online investment fraud. The complainant stated that he was lured into a WhatsApp group named "C-51 ICICI Securities Official Stock," where unknown individuals encouraged him to invest in stocks and IPOs through fraudulent apps—https://app.fiosh.com and https://bolsip.com.
Initially, the scammers allowed him to earn small profits to gain his confidence. Later, they offered him a fake loan scheme to invest further in IPOs. However, when he attempted to withdraw his funds, he was met with a "Pending Review" status and was unable to access his money. The fraudsters then pressured him to repay a fictitious loan amounting to ₹1.5 crore.
Eventually, the complainant realized he had been defrauded of a total of ₹2.36 crore by individuals using multiple WhatsApp numbers and fake identities. He then filed an FIR. The case is currently under investigation by Additional SP Satya Vikash Bhuyan.
Earlier, one accused, Mohammed Zaki, son of Mohammed Siddique, residing at Green City Apartment near Bala Garden Function Hall, Balapur, Hyderabad, had been arrested in connection with the case.
Following a detailed analysis of transaction records and other digital evidence, the investigating team conducted a crackdown in Kolkata, West Bengal. After verifying information at the local level, they successfully identified and apprehended another accused—Nikhil Jaiswal (23), son of Chandra Prakash Jaiswal, residing at 49/5/3T, Karl Marx Sarani, Khidderpore, Kolkata, West Bengal, 700023.
Nikhil Jaiswal is believed to have defrauded the victim of the largest amount—₹1,41,15,000. He was arrested on May 6, 2025, and initially produced before the Hon’ble Court of the Chief Judicial Magistrate (CJM), Alipore, South 24 Parganas. He was then brought to Odisha on transit remand and produced today before the Judicial Magistrate First Class (JMFC), Court-III, Cuttack.
He faces charges under Sections 419, 420, 465, 467, 471, 120-B, and 34 of the Indian Penal Code, along with Sections 66C and 66D of the Information Technology Act.
The investigating team has seized several incriminating items, including a mobile phone, SIM cards, WhatsApp chat screenshots, Aadhaar and PAN cards, bank passbooks, cheque books, debit cards, and other related documents. In connection with the case, the Investigating Officer has already frozen multiple bank accounts linked to the fraudsters.
The investigation is ongoing, with efforts focused on identifying additional accomplices, uncovering the wider trans-India network involved, and tracing the complete money trail.
