The Odisha Police’s Economic Offences Wing apprehended three fraudsters in Bhubaneswar for defrauding investors of over Rs 2 crore through online trading schemes. The arrested individuals, Bikram Keshari Sahoo, Dinesh Moharana, and Sarbanam Sabat, were taken into custody following a complaint by investor Sasadhar Mitra from Cuttack. Mitra accused the trio of enticing him and others to invest in schemes offered by BITOX and its affiliates, promising substantial returns.
The complainant alleged that the accused, in collaboration, convinced investors to put money into online trading schemes with the assurance of high profits within a short timeframe. Mitra invested Rs 41,30,200, while other investors like Jayanti Panigrahi and Sukhmay Das collectively invested over Rs 1.28 crore. Subsequently, the fraudsters shut down their websites and mobile apps, absconding without repaying the investors. The police investigation revealed that the accused, working together, attracted the public to invest in these schemes with promises of doubling or tripling their investments and guaranteed refunds within three months.
The fraudsters organized promotional events in various locations, including Bhubaneswar, Cuttack, Himachal Pradesh, West Bengal, and Andhra Pradesh, to entice more investors. They collected deposits in personal bank accounts and accounts linked to entities like LIDONA and B K Constructions and Consultancy Pvt. Ltd., held in banks such as Axis Bank, HDFC Bank, and State Bank of India.
