The Odisha Police have apprehended a man from Kolkata in connection with a significant online investment fraud case involving a businessman from Cuttack losing over Rs 12.33 crore. The accused, identified as Rahul Jaiswal, a 36-year-old MBA graduate residing in Kolkata, was found to be self-employed.
The victim from Cuttack was approached by cyber fraudsters posing as stock market consultants via WhatsApp on July 31, 2025. These criminals allured the victim with fake investment advice and testimonials, convincing him to join a WhatsApp group. Subsequently, the victim was coerced into installing a fraudulent trading app and investing funds.
Between August 12 and September 2, 2025, the victim transferred a total of Rs 12,33,50,000 to nine different accounts through 52 transactions as directed by the fraudsters. However, when attempting to withdraw the funds, the fake platform’s “risk control team” denied the request, leading the victim to realize the scam. Consequently, the victim reported the incident to the Cyber Crime Police Station, prompting an investigation that culminated in the arrest of Jaiswal in Kolkata.
During the raid at Jaiswal’s residence in Maniktala, Kolkata, the police seized incriminating evidence, including mobile phones and SIM cards. A significant portion of the defrauded amount was traced to an account linked to the arrested individual. Jaiswal has been arrested, presented before the A.C.J.M. in Sealdah, Kolkata, and is now in Odisha on transit remand.
