Online Trading Fraud: In a significant breakthrough against cyber-enabled financial crimes, the Odisha Crime Branch arrested a 24-year-old woman from West Bengal for her alleged involvement in a Rs 74 lakh online investment fraud. The accused, Anushka Mitra, was picked up from Durgapur in West Bengal, following a detailed digital forensics operation that tracked a fake trading and investment scheme luring innocent investors from Odisha and other parts of eastern India.
The arrest marks yet another chapter in the growing menace of online financial frauds targeting individuals via manipulated investment platforms, IPO scams, and fake trading apps.
The Modus Operandi: How the ₹74 Lakh Fraud Unfolded
Targeting the Victim
According to the FIR filed in August 2024 by a Balasore resident, the accused contacted him through social media and investment forums, posing as a professional investment advisor linked to a firm offering “lucrative returns” via metal trading and overseas IPO opportunities.
The victim was reportedly added to a WhatsApp group that simulated live profits, client testimonials, and screenshots of high returns. Enticed by these visuals, the victim made successive deposits totaling Rs 74.10 lakh across multiple bank accounts.
Trapped in a Ponzi Cycle
Every time the victim attempted to withdraw his earnings, he was asked to “pay a processing fee,” “clear foreign investment tax,” or “verify KYC obligations.” These escalating financial hurdles kept him locked into the fraud until he was fully drained of his funds and finally lodged a police complaint.
Forensic Evidence
The Cyber Cell of Odisha Crime Branch, led by SP R.K. Tripathy, used IP tracing, UPI trail mapping, and IMEI-based geolocation to narrow down the primary suspect. SIM cards, mobile phones, and bank accounts linked to Anushka Mitra confirmed her active role as the operator of key communication and fund transfer channels.
Related Arrests: Gujarat to Bengal
This arrest is not isolated. The Odisha Crime Branch has been actively pursuing similar interstate cyber fraud cases over the last few months:
- May 2025: Arrested five persons in Gujarat linked to a Rs 3.34 crore digital trading fraud.
- April 2025: Cracked a ₹1,000 crore Ponzi-style betting scam originating from Odisha, with key operatives from Kolkata and Hyderabad.
- March 2025: Collaborated with Mumbai police to nab a group of Telegram-based forex scammers impersonating international brokers.
Online Trading Fraud: Legal Proceedings So Far
Transit Remand
Anushka was brought to Odisha on transit remand and produced before the Judicial Magistrate in Bhubaneswar on June 7, 2025, where the court granted judicial custody.
She faces charges under:
- IPC Sections 419, 420, 468, 471 – cheating, forgery, and impersonation.
- IT Act Section 66C & 66D – identity theft and cyber fraud.
Police have submitted her mobile and laptop for cyber forensic audit, hoping to uncover deeper network links and potential co-conspirators.
The Growing Trend: Online Investment Scams on the Rise
India has witnessed a 300% surge in online investment frauds since 2022, according to CERT-IN and NCRB reports.
Odisha alone has registered over 1,100 cybercrime complaints linked to trading apps and financial frauds in 2024–25.
Key Features of These Scams:
- Use of fake trading dashboards mimicking popular apps (e.g., Zerodha, AngelOne)
- Fake endorsements from celebrities or “financial experts”
- Pressure tactics like “limited window” IPO offers
- Use of international VoIP numbers to mislead victims
- Creation of mule accounts in Tier-II and Tier-III cities for fund collection
Expert Commentary: Why Are These Frauds So Effective?
“People are drawn to financial independence and passive income—these scams weaponize that dream,”
says Dr. Anirban Ghosh, a cybersecurity consultant with NASSCOM.
“Fake WhatsApp groups, well-designed mobile apps, and cloned dashboards give these scams a high degree of believability,”
adds Piyush Tiwari, a digital forensics analyst working with Odisha’s Cyber Cell.
The Victim’s Perspective
The victim, a middle-aged businessman from Balasore, told officials he believed he was building a retirement corpus. “I sold shares, withdrew mutual funds, and even mortgaged some land,” he reportedly stated in his deposition. His trust was manipulated over three months of psychological grooming and ‘positive returns’ simulations.
Government Response & Advisory
The Government of Odisha and India have responded with various regulatory and technological tools:
Cyber Helpdesks and Portals
- Cyber Crime Reporting Portal (MHA):
🔗 https://cybercrime.gov.in
Report online financial frauds directly to the central government portal. - Odisha Crime Branch:
🔗 https://odishapolice.gov.in
For state-specific investigations and FIR tracking. - Directorate of Enforcement & SEBI Alerts:
🔗 https://investor.sebi.gov.in
Check the SEBI-approved investment advisory list before investing. - West Bengal Finance Department (for mule accounts tracking):
🔗 https://wbfin.nic.in
Legal Recourse for Victims
What You Can Do if You’re a Victim:
- File an immediate complaint at your local cyber police station
- Report to the national portal: https://cybercrime.gov.in
- Contact your bank’s fraud control department
- Notify RBI Ombudsman for financial redress
- Preserve all evidence—screenshots, receipts, chat history
Data Insight: Cybercrime in Eastern India (2024–2025)
| State | Investment Scams (Reported) | Avg. Loss per Case |
|---|---|---|
| Odisha | 1,100+ | ₹8.5 lakh |
| West Bengal | 950+ | ₹6.2 lakh |
| Jharkhand | 400+ | ₹4.3 lakh |
| Assam | 300+ | ₹3.1 lakh |
Source: NCRB & Ministry of Electronics & IT (2025 Cybercrime Bulletin)
Beyond Borders: Global Cybercrime Rings
Officials suggest Anushka Mitra may be part of a wider syndicate involving:
- Cambodia & China-based fraud rings operating trading scams via VPNs
- Dubai-based IP manipulation units providing backend tech support
- Telegram and WhatsApp group administrators managing psychological operations
India has sought support via Interpol and Mutual Legal Assistance Treaties (MLATs) to track such global cyber cartels.
Looking Ahead: Strengthening India’s Cybersecurity Ecosystem
Proposed Reforms
- Mandatory SEBI registration for digital trading advisors
- Ad regulation on online investment advertising
- AI-powered fraud detection in banks
- Faster asset freezing protocols by RBI and law enforcement
- Investor education campaigns at block level
Conclusion: Vigilance is the First Line of Defense
The arrest of Anushka Mitra in the ₹74 lakh online trading fraud case underscores the urgent need for investor caution, stronger cross-border coordination, and systematic cybercrime deterrence.
As cybercriminals grow more sophisticated, public awareness and institutional agility will be key to stopping such financial predators from exploiting people’s hopes for economic growth.
“Trust your instincts. If an offer sounds too good to be true, it probably is.” — SP R.K. Tripathy, Odisha Crime Branch
External News References
- OdishaTV Original Report
- CERT-IN Cyber Alerts
- National Cybercrime Reporting Portal
- SEBI Investor Tools
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