Economic Offences Wing Cracks Down on Multi-State Online Trading Scam
The Economic Offences Wing (EOW) of the Odisha Crime Branch has made significant progress in combating financial fraud with the arrest of three individuals from Bhubaneswar. These arrests come in connection with a sophisticated online trading scheme that allegedly defrauded investors across multiple states of approximately Rs 2 crore.
Modus Operandi of the Accused
According to EOW officials, the accused trio employed a calculated strategy to lure unsuspecting victims. They organized promotional meetings not only in Odisha's major cities of Bhubaneswar and Cuttack but also extended their operations to Himachal Pradesh, West Bengal, and Andhra Pradesh throughout 2023. These gatherings were designed to attract potential investors with enticing promises.
The fraudulent scheme centered around online trading platforms where the accused guaranteed quick and substantial returns on investments. Investigators revealed that after convincing multiple investors to deposit significant sums of money, the perpetrators would abruptly shut down company websites and mobile applications before disappearing, leaving investors without recourse.
Identification of the Accused
The arrested individuals have been identified as Bikram Keshari Sahoo, Dinesh Moharana, and Sarbanam Sabat, all residents of Bhubaneswar in their 40s. Their arrest marks a crucial development in what appears to be a well-organized financial fraud operation spanning several states.
The Complaint That Led to Arrests
The breakthrough in this case came when a victim from Cuttack, who had been defrauded of Rs 41.30 lakh in 2023, finally approached authorities with a formal complaint. Dilip Tripathy, SP of EOW, provided insight into the victim's delayed reporting, stating, "The complainant claimed that he delayed approaching police because the accused repeatedly assured him that his money would be refunded. They kept him waiting for years with false assurances. When no refund came, he finally sought our help."
This pattern of false promises and delayed reporting appears to have been a consistent tactic employed by the accused to maintain their scheme's viability while preventing victims from seeking legal recourse promptly.
Broader Implications for Investor Protection
The case highlights several critical issues in the realm of financial security and investor protection:
- The increasing sophistication of online financial fraud schemes
- The challenge of multi-state coordination in investigating economic offences
- The psychological manipulation tactics used by fraudsters to delay victim reporting
- The importance of public awareness about too-good-to-be-true investment opportunities
EOW officials have emphasized that this arrest should serve as a warning to those operating similar fraudulent schemes while encouraging victims of financial fraud to come forward without delay. The investigation continues as authorities work to uncover the full extent of the fraud and identify additional victims across the affected states.
