Odisha: 3 held in Rs 2 crore online trading fraud case

Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Police has arrested three accused fraudsters for allegedly duping several investors of over Rs 2 crore on the pretext of online trading, a senior EOW official informed on Friday.

The accused, identified as Bikram Keshari Sahoo of the Patia area, Dinesh Moharana of Soubhagya Nagar, and Sarbanam Sabat of the Sahid Nagar area of Bhubaneswar, were arrested in connection with a case registered based on a complaint lodged by one of the victim investors, Sasadhar Mitra, a resident of Chandini Chowk in Cuttack.

In his complaint, Mitra alleged that during 2023, the accused persons induced him and other investors to invest money in online trading schemes floated by BITOX and its associate entities, namely AEXN Global, Cars Corner, Eclat Coin, etc. The fraudsters also assured the victims of high returns on their investments within a short period.

“Being induced, the informant (Mitra) invested Rs 41,30,200, and some other investors, including Jayanti Panigrahi and Sukhmay Das, invested the amount exceeding Rs 1.28 crore in total. After collecting the public deposits, the accused persons closed the company websites, mobile applications and fled from the locality without paying any return to the investors,” added the senior EOW official.

The accused held promotional events in Odisha and 3 other states 

He further noted that during the investigation, the police found that the accused Bikram, in conspiracy with Dinesh and Sarbanam, induced the general public to invest in online trading schemes floated by BITOX and its associate entities by promising double to triple returns. The investors were also assured that the principal amount would be refunded within three months.

The accused persons also conducted promotional meetings in Bhubaneswar and Cuttack in Odisha, and at several other places in Himachal Pradesh, West Bengal, and Andhra Pradesh to lure the investors. 

The fraudsters reportedly collected deposits in their personal bank accounts as well as in accounts held in the names of firms/companies such as LIDONA and B K Constructions and Consultancy Pvt. Ltd., maintained with Axis Bank, HDFC Bank, and State Bank of India.