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Cyber police in Bhubaneswar apprehended a West Bengal cosmetics trader, Arabinda Paul, in connection with a Rs 50 lakh online investment scam targeting a senior citizen. The victim was lured by promises of high returns on a fake trading platform. Investigations revealed funds were channeled through Paul's account, and efforts are ongoing to apprehend other syndicate members.
Bhubaneswar: City cyber police arrested a cosmetics trader from Hooghly in West Bengal on Sunday for his alleged role in an online investment scam that defrauded a senior citizen of Rs 50 lakh in 2024.The accused, Arabinda Paul, 46, was taken into custody after investigators found that part of the amount had been credited to his bank account. Police said efforts are underway to track down other members of the racket.The 67-year-old victim lodged a complaint on Jan 29, 2025, stating that he had lost Rs 50.16 lakh to fraudsters who promised quick and substantial returns on investments. “The victim came across an online trading platform on social media in 2024.
On Oct 8, 2024 he joined a WhatsApp group and was asked to open a trading account. He was lured with offers of high returns,” said ACP Suchismita Das.Between Oct and Nov 2024, the elderly man transferred large sums to multiple accounts without verifying the credentials of the ‘traders’. When he later tried to withdraw his supposed profits, the fraudsters stalled with excuses and eventually stopped responding.Police investigation revealed that the gang had created a fake e-wallet showing inflated profits to mislead investors.
When the victim attempted to withdraw funds, he was persuaded to wait and even urged to invest more.“Realising he had been cheated, the victim approached us in Jan last year. After analysing bank transactions and tracing digital footprints, we arrested Paul. Efforts are on to identify and arrest the remaining members of the gang,” ACP Das added.
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