Bhubaneswar police arrest three over mule accounts in fake firms Trideep Traders and Trideep Technologies
Bhubaneswar police say they arrested three men accused of opening mule accounts for two fake firms, Trideep Traders and Trideep Technologies, used by fraudsters behind a Rs 3.84 crore trading-investment scam. No conviction is reported.
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Source: newindianexpress.com · published
What happened
The New Indian Express reported on 18 October 2026 that Bhubaneswar city police arrested Sarbeswar Mohanty (46), Sumanta Mahalik (41) and Pradeep Kumar Sarangi (32) for allegedly providing mule bank accounts to cyber fraudsters who reportedly swindled about Rs 3.84 crore from hundreds of investors with promises of higher returns from trading. These are police allegations; the three have not been convicted, and no conviction is reported. Odisha outlets Argus and Kalinga TV carried the same police account.
Police said the accused had opened the mule accounts in the Trisulia area in the names of two fake companies, M/s Trideep Traders Private Limited and M/s Trideep Technologies Private Limited. Police allege Mohanty was the mastermind and supplied the accounts to fraudsters operating from various parts of the country. According to an officer of the Cyber Crime police station, Mohanty had earlier worked in New Delhi, where he came into contact with fraudsters. Mohanty and Sarangi allegedly received large commissions, while Mahalik was allegedly paid Rs 15,000 a month. Police said further investigation is under way.
How the scheme worked
The case surfaced after a complainant told the Cyber Crime and Economic Offence police station that he and his relatives had been cheated of Rs 62.89 lakh. According to the complaint, they were approached on WhatsApp and lured to invest in a trading company that promised higher returns. They received some money at first, which built trust, but later could not withdraw even their principal. Rs 15 lakh of the money was transferred to the Trideep Traders account. At least 23 earlier complaints against the company had been registered on India's National Cyber Reporting Platform (NCRP).
Why it matters
Trading scams pay small early "returns" so victims invest more, then block withdrawals. The money passes through accounts opened in the names of shell companies, which makes a registered company name on a payment request no proof that a business is genuine.
Source
The New Indian Express, "Three held for providing mule accounts to cyber fraudsters in Bhubaneswar" (18 October 2026).
Red flags
- Investment offers that arrive on WhatsApp promising higher returns from trading.
- Small early payouts followed by requests to invest more.
- Being unable to withdraw your principal, or being asked to pay fees to withdraw.
- Payments requested to company accounts unrelated to any regulated broker.
If you were targeted
- 1Only invest through SEBI-registered brokers and check registration on SEBI's website.
- 2Don't send more money to 'unlock' a withdrawal.
- 3If you've been cheated, call 1930 and report at cybercrime.gov.in as quickly as possible.
- 4Never open or lend bank accounts in your or a company's name for others to use.