New Delhi, Jul 23 (PTI) The Delhi Police has busted a syndicate involved in duping people through fake stock market investment schemes and arrested one of its key operatives from Jaipur, an official said on Wednesday.
The accused, Vishnu Kant Sharma (24) of Bikaner, Rajasthan, was arrested after a Delhi Police’s cyber unit team conducted a raid.
According to the police, the complainant was added to a social media group where he was lured with the promise of guaranteed initial public offering (IPO) allotments at cheaper rates. He was then directed to a fake website and persuaded to invest money in several tranches.
“Over time, the complainant ended up transferring nearly Rs 40 lakh into various bank accounts,” Deputy Commissioner of Police (West) Vichitra Veer said.
The investigation revealed that the defrauded amount was routed into multiple bank accounts. Technical analysis led the team to the accused in Jaipur.
The team traced Sharma to a society in Jaipur and arrested him from the location. Sharma, who had moved to Jaipur in 2018 for government job preparation, initially traded furniture online. Later, he became involved in cyber fraud activities.
He allegedly handled mule bank accounts into which cheated funds were transferred and used the funds to buy and sell cryptocurrency.
“He used to provide bank accounts sourced through personal contacts and earned commissions in cryptocurrency. He was actively engaged in converting the cheated money into crypto assets and liquidating them,” said the DCP.
Police said some incriminating material has been recovered from the accused and further efforts are underway to identify and apprehend other members of the syndicate. PTI BM BM AMJ AMJ
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