Raipur
An Odisha businessman was allegedly swindled of Rs 2 crore by a gang of fraudsters promising high returns on share trading investments. The accused lured the victim with the prospect of quick profits before fleeing with the cash. The Devendra Nagar police have registered an FIR based on the victim’s complaint.
The victim, Nemichand Jain, a resident of Kalahandi, Odisha, stated in his complaint that he received a link to a Telegram group in November 2025. The group claimed that an investment of Rs 1 lakh in “Tata Consultancy” would yield a profit of Rs 30,000 within 10 days.
Initial investments made by Jain resulted in the promised returns, which built his confidence in the scheme. Following this, the accused began pressuring him to invest larger sums.
The fraudsters told Jain that an investment of Rs 2 crore would generate a profit of Rs 40 lakh. Wary of online transactions due to rising cybercrime, Jain insisted on paying the amount in cash. The accused subsequently met him at Hotel Simran, Raipur to discuss the investment plan.
Jain arranged the required funds by borrowing Rs 2 crore from his brother-in-law Rajkishore Agarwal, a resident of Shankar Nagar. The victim and his brother-in-law handed over the cash to the accused at an office located in Lalganga Midas, Fafadih.
When Jain later contacted the group to claim his profits, the accused began making excuses and eventually deleted all mobile messages before switching off their phones. The victim named Ajit Patra, Sumit Nanda, Vikas Sahu, Ajay Tripathi, and Archana Agarwal as the individuals involved in the fraud.
Raipur police have initiated an investigation to trace the suspects.
Advisory: How to stay safe from investment scams
The police have issued the following guidelines for investors:
- Verify SEBI or RBI licences before taking investment advice.
- Check the credentials of WhatsApp or Telegram group admins; request registration numbers for finance-related groups.
- Avoid downloading APK files or apps not listed on the Google Play Store or Apple App Store.
- Enable Two-Factor Authentication (2FA) for all financial and social media accounts.
- Never share personal banking details, login IDs, or OTPs with anyone claiming to represent a firm or bank.
