In one of Jharkhand’s biggest investment fraud cases, the CID has arrested Dinesh Jaiswal for masterminding a scam that impersonated the Chicago Board of Options Exchange, siphoning nearly ₹3 crore from an Army officer via a fake Telegram trading platform.
The Web of Deceit: Fake Chicago Board and Telegram Traps
CID officials revealed that Dinesh Jaiswal lured an Army officer with promises of high returns on metal trading via a Telegram channel mimicking the prestigious Chicago Board of Options Exchange. The officer, trusting the platform, ended up investing ₹2.98 crore, his near-total savings.
Jaiswal was arrested in Jamshedpur during a CID raid, marking a breakthrough in what is being described as “the largest investment fraud ever registered by the CID in Jharkhand.” The digital scam has international footprints, with money funnelled through various bank accounts and enterprises.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
Kolkata Front Company and Noida Scam Link Unearthed
During the forensic financial investigation, CID officials uncovered a critical lead: the proceeds from the ₹2.98 crore fraud were funnelled into an IndusInd Bank account operated under the name Jaiswal Enterprises, a business entity registered in Kolkata. What initially appeared to be an isolated case of cyber fraud involving one victim has now revealed cross-state financial laundering patterns involving multiple scams and beneficiaries.
Also, the same bank account, which acted as the end-point for the siphoned investment money from the Army officer, has been linked to another high-stakes investment fraud case worth ₹3.29 crore, previously registered at Sector 36 Police Station in Noida, Uttar Pradesh. This second case involved similarly structured promises of high returns on digital investments, suggesting that Jaiswal Enterprises was not just a shell account but possibly a hub in a larger fraud ecosystem.
Centre for Police Technology
Investigators suspect the operation had multiple layers, including: fake trading platforms, impersonated financial brands, digital outreach via Telegram and WhatsApp, and laundering of funds through formal banking channels under the guise of enterprise activity. These patterns point to the existence of a sophisticated cyber-financial syndicate that possibly spans state lines and international jurisdictions.
CID Advisory: Beware of Guaranteed Returns on Telegram and WhatsApp
The CID issued a public warning urging citizens not to fall for fake trading apps, Telegram channels, or WhatsApp groups promising “guaranteed profits” or insider tips. People are advised to verify platforms before investing, as criminals are increasingly impersonating credible financial institutions.
CID officials confirmed that international digital footprints are being examined, and central intelligence agencies may be brought in to assist with tracing foreign transactions, proxy servers, and handlers operating outside India. The emerging connections suggest a structured criminal network using India as a digital hunting ground for financial crimes, often targeting professionals, military personnel, and retirees with substantial savings.
About the author – Prakriti Jha is a student currently pursuing B.Sc. LL.B (Hons.) with a keen interest in the intersection of law and data science. She is passionate about exploring how legal frameworks adapt to the evolving challenges of technology and justice.
