Odisha’s crime branch has arrested a key accused from Bengal in connection with an online investment fraud involving over ₹2.36 crore.

The accused has been identified as Nikhil Jaiswal, 23. He is a resident of Kidderpore in Calcutta.

According to a crime branch release, a 50-year-old complainant from Purighat, Cuttack, reported that he had been defrauded through a WhatsApp group named “C-51 ICICI Securities Official Stock.” The fraudsters lured him into investing in stocks and IPOs through fake apps, initially offering small profits to gain his trust.

The release stated: “He was later offered a fake loan to invest in IPOs and was unable to withdraw funds due to a ‘Pending Review’ status. He was then pressured to repay a non-existent loan of ₹1.5 crore. Eventually, he realised he had been duped of ₹2.36 crore by fraudsters usingmultiple WhatsApp numbers and false identities. He lodged an FIR after realising the scam.”

The release added that the crime branch team, after analysing transaction details and other digital evidence, arrested Jaiswal fromKhiddipore in Calcutta. This follows the earlier arrest of another accused, Mohammed Zaki, from Balapur in Hyderabad, in connection with the same case.

Separately, on May 5, the crime branch had arrested two others, Ashok Nanda, 53, from Siliguri and Jayarani Basak, 38, from North 24 Parganas district in Bengal, in a related share market and IPO scam involving ₹6.04 crore. In that case, the complainant had transferred the amount to multiple accounts on the promise of hefty returns, only to find himself unable to withdraw his investments, prompting him to file a complaint at the cyber crime police station in Cuttack.

The investigation into both cases is ongoing.