Odisha Crime Branch Arrests Key Accused in Rs 2.36 Crore Online Stock Scam

Bhubaneswar: The Cyber Wing of the Odisha Crime Branch has apprehended key accused Nikhil Jaiswal, a 23-year-old resident of Kolkata, in connection with a massive online stock fraud case that swindled Rs 2.36 crore.

The case came to light following a complaint lodged on October 4, 2023, by a 50-year-old resident of Purighat, Cuttack. The victim was ensnared by fraudsters operating through a WhatsApp group named “C-51 ICICI Securities Official Stock,” which falsely promised lucrative returns on stock and IPO investments. The perpetrators lured the complainant with small initial profits through fraudulent apps (https://app.fiosh.com and https://bolsip.com), encouraging him to invest heavily. The scam escalated when the fraudsters tricked the victim into taking a fictitious loan for IPO investments, later demanding repayment of a non-existent Rs 1.5 crore loan when he attempted to withdraw his funds.

The complainant, realizing he had been deceived after encountering a “Pending Review” status on his investments, filed an FIR with the Cyber Crime Police Station. The investigation revealed a trail of deceit involving multiple WhatsApp numbers and fake identities, culminating in the identification of Jaiswal as a key accused. Previously, Mohammed Zaki from Hyderabad was arrested in connection with the same case.

After meticulous analysis of digital evidence and financial transactions, the Crime Branch traced Jaiswal to his residence at 49/5/3T, Karl Marx, Khiddipore, Kolkata. On May 6, 2025, he was apprehended and brought to Odisha on transit remand after being produced before the Court of CJM Alipore, 24-Parganas (South). Jaiswal was presented before the JMFC III in Cuttack on May 8, 2025, facing charges under sections 419, 420, 465, 467, 471, 120-B, and 34 of the IPC, as well as sections 66C and 66D of the IT Act.

The investigation has yielded significant evidence, including seized mobile phones, SIM cards, WhatsApp chat screenshots, Aadhar cards, PAN cards, bank passbooks, cheque books, and debit cards. Several bank accounts linked to the fraud have been frozen, with the Crime Branch actively pursuing the money trail and potential accomplices.
“The investigation is ongoing, and we are committed to uncovering the full extent of this trans-India cybercrime network,” stated an official release from the Odisha Crime Branch.

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