Bhubaneswar: The Cyber Crime Wing of Odisha Police has busted a major online investment fraud racket with the arrest of the alleged mastermind from Dwarka in New Delhi.
The accused, identified as Vinay Kumar Sharma (56), allegedly duped an Odisha-based man of ₹2.06 crore by luring him with promises of exceptionally high investment returns.
According to police, the complainant was first contacted by cyber fraudsters via WhatsApp on December 23, 2024, and was automatically added to a group where scammers posed as financial experts. One of them falsely claimed to be a fund manager of a reputed company and enticed the victim with lucrative investment opportunities.
To build credibility, the group regularly shared free stock market tips and technical analysis of NIFTY, gradually gaining the victim’s trust. Convinced by the seemingly genuine advice, the complainant transferred ₹2.06 crore from three bank accounts to five different beneficiary accounts through 54 transactions between December 23, 2024, and March 24, 2025.
Trouble began when the victim attempted to withdraw the promised returns. The fraudsters, posing as a “risk control team,” repeatedly denied the request on various fabricated grounds. Realizing the deception, the victim lodged an FIR at the Cyber Crime Police Station.
Following an in-depth investigation involving analysis of financial transactions and digital evidence, police tracked down the accused in Dwarka. During the operation, officers seized multiple incriminating materials, including mobile phones, SIM cards, Aadhaar cards, and PAN cards.
Sharma was produced before the Judicial Magistrate First Class-II, Dwarka Court No. 05, under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, 2000. He has been brought to Odisha on transit remand and will be presented before the Sub-Divisional Judicial Magistrate, Bhubaneswar, for further legal proceedings.
Police said further investigation is underway to trace other members of the racket and uncover the full extent of the fraud.
Odisha Cyber Police Arrests Delhi Man in ₹2.06 Crore Online Investment Scam News Room Odisha.
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