Bhubaneswar, Jan 30 (UNI) The Economic Offences Wing (EOW) of Odisha has arrested three persons for their alleged involvement in a large-scale online trading fraud amounting to over Rs 2 crore, officials said on Friday.
The accused—identified as Bikram Keshari Sahoo, Dinesh Moharana, and Sarbanam Sabat—were arrested and produced before the Designated Court under the OPID Act and the Special Court for EOW in Cuttack.
The case was registered on the basis of a written complaint filed by Sasadhar Mitra, a resident of Chandini Chowk, Cuttack.
In his complaint, Mitra alleged that during 2023, the accused lured him and several other investors into online trading schemes operated under the names BITOX and its associate entities, including AEXN Global, Cars Corner, and Eclat Coin, by promising unusually high returns within a short period.
Believing the assurances, the informant invested Rs 41.30 lakh, while other investors, including Jayanti Panigrahi and Sukhmay Das, together invested more than Rs 1.28 crore.
However, after collecting the funds, the accused allegedly shut down their company websites and mobile applications and fled without paying any returns.
According to the EOW, accused Bikram Keshari Sahoo, in conspiracy with Moharana and Sabat, induced the general public to invest in the schemes by promising double to triple returns along with assured refund of the principal amount within three months.
To promote the fraudulent schemes, the accused reportedly organised promotional meetings in Bhubaneswar and Cuttack, as well as in parts of Himachal Pradesh, West Bengal, and Andhra Pradesh.
Further investigation revealed that the collected funds were deposited into the personal bank accounts of the accused and accounts held in the names of firms and companies such as LIDONA and B K Constructions and Consultancy Pvt. Ltd., maintained with Axis Bank, HDFC Bank, and State Bank of India.
These accounts are currently under verification.
The investigation is ongoing, and further details are being ascertained, EOW sources said.
