Bhubaneswar, April 25: The Crime Branch of Odisha Police has arrested a 56-year-old man from Delhi for defrauding a businessman of ₹2.06 crore through a fake trading platform.
The accused, identified as Vinay Kumar Sharma from Janakpuri in West Delhi, operates an electronics store in the national capital. He is being brought to Odisha on transit remand and will be presented in Bhubaneswar’s SDJM court on Friday.
According to Crime Branch sources, the fraudsters first contacted the businessman via WhatsApp on December 23, 2024, and subsequently added him to a group.
The scammers posed as financial experts, enticing the businessman with promises of high returns as fund managers of a reputed company. To gain his trust, they regularly shared free stock market tips and daily technical analysis of Nifty in the group.
The Crime Branch stated in a press release that following the fraudsters’ instructions, the victim transferred a total of ₹2,06,07,500 through 54 transactions from his three different bank accounts to five beneficiary accounts between December 23, 2024, and March 24, 2025, believing their promises.
It further noted that when the victim attempted to withdraw the promised investment returns, the fraudsters, posing as a “Risk Control Team,” repeatedly denied releasing the funds with various false excuses.
Realizing he had fallen victim to a well-planned cyber fraud, the businessman filed an FIR at the Cyber Crime Police Station of the Crime Branch on March 28, 2025.
Based on the financial transactions and other evidence, Crime Branch officials arrested Sharma in Delhi on the night of April 22. He is suspected of having received a significant portion of the defrauded amount.
Notably, another accused was arrested by Crime Branch officials in Bihar earlier this year in February in connection with this case.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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