Overview

• Odisha Crime Branch has arrested Nikhil Jaiswal, 23, from Kolkata on May 6, 2025, for his role in a Rs 2.36 crore online investment fraud targeting a Cuttack resident.
• Tapas Haldar, another key suspect, was apprehended on May 5, 2025, for orchestrating a Rs 6.04 crore IPO scam that defrauded a Bhubaneswar-based doctor.
• The fraud schemes used WhatsApp groups and fake apps to lure victims with promises of high returns, initially providing small payouts to build trust.
• Police have seized incriminating evidence, including mobile phones, SIM cards, financial documents, and screenshots of WhatsApp chats, to aid the investigation.
• Investigations are ongoing to trace laundered funds, identify additional accomplices, and dismantle the broader fraud network operating across India.