Odisha Crime Branch Busts Rs 6.28 Crore Cyber Scam, 24 Arrested

The Odisha Crime Branch today unearthed a cyber scam wherein duping investors by luring them with lucrative return promises, after a complaint was filed by Kuntal Mazumdar who had lost Rs 6.28 crore through a scam using WhatsApp.

By Palak Pathak Updated: Nov 1, 2024, 15:08 IST

Recently, the Odisha Crime Branch had busted a huge cyber scam, where the accused were fraudulently collecting money from investors promising high returns. This is the case of Kuntal Mazumdar, a senior executive who lost Rs 6.28 crore in a fraud scam that began with what seemed to be an innocuous WhatsApp group invitation. In July 2024, Mazumdar was added to a group named 'KOTAK INVESTMENT CLUB', for which he thought it was a legitimate stock investment platform.

Odisha Crime Branch Busts Rs 6.28 Crore Scam

The members posing as experienced investors convinced him by inviting him with these alluring prospects of quick money and insider discounts on shares. Encouraging Mazumdar initially to invest small amounts and earning Rs 2 lakh within two days from his account with Rs 50,000, the criminals pushed him to invest larger sums with promises of substantial returns. But when he made attempts to withdraw his fund from the group, he got restricted, and the transaction application app related to the associated scam was disabled, putting Mazumdar on an alert. He then in August 2024 made a complaint to the Cyber Crime Unit.

The investigation led the crime branch officials to discover that over 100 bank accounts of the operation existed, with operations spread across Tamil Nadu, Gujarat, and Rajasthan. The network was relying on ATMs, cheques, and systematic withdrawals, as they had not even noticed it. In this joint operation, 24 suspects were arrested: nine from Tamil Nadu, eight from Gujarat, and seven from Rajasthan. Bank records, mobile devices, and more documents were seized, thus making it evident that a case of fraud had indeed been committed.

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ADG Vinaytosh Mishra authenticated that scam proceeds to the tune of Rs 60 lakh have been frozen while all other amounts are being observed. The officer pointed to public awareness as the major prevention to such scams which are mainly online, fraud investment plans promising people swift gains. Court processes remain active; several culprits already appeared before Sub Divisional Court in Angul.