Trading scam busted in Kolkata; two arrested for looting over 63 lakhs

Kolkata Cyber Police have arrested two individuals concerning a cyber fraud case involving ₹63.94 lakh. The accused reportedly ran a fraudulent stock trading scheme that lured victims with small investments and false promises of high returns.

The investigation was initiated following a complaint lodged by Rajib Chakraborty, a resident of Bansdroni, Kolkata. The case, registered as Cyber PS Case No. 114/24 under various sections of the Information Technology Act, 2000 and the BNS Act, 2023, revealed a well-organized operation aimed at inducing victims into investing through deceptive practices.

The police tracked the money trail, identifying an account in UCO Bank where ₹46 lakh of the defrauded amount had been transferred. The account operator, Tanmoy Paul, a 34-year-old resident of Barasat, was arrested on December 16, 2024. Paul’s statements and other digital evidence led investigators to conduct another raid in Howrah.

During the raid, Santanu Gayen, a 20-year-old from Jagadishpur, Howrah, was apprehended. Gayen, the account holder of the UCO Bank account, was found to have direct involvement in the fraud. He was arrested around 12:40 AM on December 20, 2024.

Both suspects have been charged under multiple sections of the law, including those related to identity theft, cheating, and financial fraud. While Paul remains in police custody until December 31, Gayen was produced before the Chief Judicial Magistrate (CJM) in Calcutta today.