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Two Rajasthan Men Arrested for Defrauding Bhubaneswar Resident in Crore-Worth Online Trading Scam

The cybercrime and econom ic offences wing of Bhubaneswar police arrested two Rajasthan men for defrauding a local resident of crores in an online trading scam. The accused manipulated a fake trading app, luring the victim with false profits before blocking his account and demanding additional funds to release it.
 

Bhubaneswar: Two Rajasthan Men Arrested for Online Trading Scam, Duping Resident of Crores

In a significant breakthrough, the cybercrime and economic offences wing of the Bhubaneswar commissionerate police has apprehended two individuals from Rajasthan for their involvement in a major online trading scam. The accused, identified as Naveen Kumar Jangir (22) and Mukesh Kumar Sheela (26), both hailing from Churu, Rajasthan, allegedly defrauded a Bhubaneswar resident of crores of rupees.

The Online Trading Scam 

The cybercriminals lured the victim into a fraudulent trading scheme by adding him to a group on a popular social media platform. Within this group, the victim was directed to open a trading account through a fraudulent app. The app link was shared on the group, and it was soon discovered that the scammers had complete access to the platform. This allowed them to manipulate the victim’s trading returns, showing fabricated profits to gain his trust.

The victim, encouraged by the seemingly lucrative returns, continued to invest more money into the fake trading account. At one point, the victim was shown a false profit of Rs 10.39 crore, convincing him that the scheme was legitimate.

How the Scam Unfolded

Initially, the cybercriminals allowed the victim to withdraw small amounts of money, further gaining his confidence. However, when the victim made a substantial investment, they blocked his trading account and demanded an additional Rs 30 lakh to release the funds. When the victim realized he had been defrauded, he approached the police for help.

Arrest and Investigation

Following an intensive investigation, Bhubaneswar police traced the scam back to Rajasthan. With the cooperation of the Rajasthan police, they arrested Naveen Kumar Jangir and Mukesh Kumar Sheela. The police seized Rs 5.77 lakh from Jangir’s bank account and recovered two mobile phones that were used in executing the scam.

PK Das, the investigating officer, revealed that multiple individuals from Rajasthan were linked to the scam. The ongoing investigation aims to identify more members involved in this cybercrime network.

The Rise of Online Trading Scams

This case highlights the growing menace of online trading scams in India, where unsuspecting individuals are lured into fraudulent schemes through manipulated apps and social media platforms. Bhubaneswar police have urged citizens to exercise caution when engaging in online trading and to verify the legitimacy of trading platforms before making any investments.

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