Bhubaneswar: The state crime branch on Wednesday arrested a 36-year-old MBA graduate from Kolkata for his alleged involvement in a cybercrime syndicate that duped a Cuttack-based businessman of Rs 12.33 crore through an online investment scam.Police identified the accused as Rahul Jaiswal of Kankurgachi, Kolkata. The crime branch investigators discovered that a portion of the swindled money had been transferred into Jaiswal’s account, leading to his arrest. Police are continuing efforts to identify and arrest other members of the racket.The victim, a 63-year-old businessman, lodged a complaint on September 6, 2025, after being duped by fraudsters who posed as stock market consultants on social media. They lured him into a WhatsApp group, shared fabricated investment tips and testimonials, and convinced him to invest larger sums after showing fake profits on smaller investments.“Between August 12 and September 2, 2025, he transferred over Rs 12.33 crore across nine accounts in 52 transactions, following instructions from the fraudsters. When he tried to withdraw his funds, the fake platform’s “risk control team” denied his requests, citing false reasons,” a senior crime branch official said.Police revealed that the gang had created a fraudulent trading app and a fake e-wallet displaying inflated profits to mislead the victim further. “Jaiswal allegedly received Rs 4.15 crore in his account. We seized mobile phones, SIM cards, and other digital devices from his possession,” the officer said. Jaiswal was produced before a Sealdah court on Wednesday and brought to Bhubaneswar on transit remand. “If required, we will seek his police remand for interrogation. We are trying to identify other members of the gang,” the officer said.The crime branch has urged citizens to remain vigilant against unsolicited investment offers on social media and messaging platforms, stressing the importance of verifying the authenticity of platforms and advisors before making financial transactions.“Victims of suspected cyber fraud are advised to report incidents immediately via the 1930 cyber helpline, the nearest police station, or the national cybercrime reporting portal (www.cybercrime.gov.in),” the crime branch officer said.
