New Delhi: Six people from multiple states have been arrested for allegedly defrauding a real estate developer ₹3.7 crore on the pretext of paying high returns through online stock market investments, police said on Wednesday.
Six arrested for defrauding real estate developer of ₹3.7 crore in online stock market investment scamThe racket was orchestrated by cybercriminals operating from abroad, while the arrested persons managed mule bank accounts and routing of the defrauded funds within India, they said.
The accused were arrested during a multi-state coordinated operation conducted in Mumbai, Kota, Noida and Lucknow, authorities recovered nine mobile phones used in the crime, they said.
The case came to light after a complaint by a real estate developer named Krishan Kumar, who alleged that he was almost duped. ₹3.76 crore under the guise of guaranteed high returns from online stock market investments.
When returns fail to materialize, and the investment platform turns out to be a scam, he goes to the police.
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An e-FIR was registered under relevant sections of the Indian Penal Code at the Special Cell police station on September 15 and an investigation was initiated.
During the investigation, the police analyzed the bank account details and got it ₹10 lakh from the defrauded money was deposited in a first level mule account in the name of Sibalu Kumar, a resident of Navi Mumbai. After technical surveillance, Sibalu Kumar was traced and arrested in Kota.
Based on his disclosure, the police tracked down another accused named Wasim Ahmed from Moradabad to Delhi’s Jangpura area. He was arrested along with three accomplices Rajesh Khan, Sahid Ali and Mannu Issar after raiding a house in Mosque Lane.
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Another accused, Manish Kumar of Dwarka, who was found to be handling fraudulent income and arranging mule accounts, has also been arrested, police said.
According to the police, the accused were primarily involved in collecting and operating mule bank accounts, arranging SIM cards and mobile phones and facilitating fund transfers to hide the money trail.
Forensic analysis of the suspects’ devices revealed details of multiple bank accounts and digital evidence linking them to cyber fraud.
Police said the operation uncovered a well-organized network using fake investment platforms and advanced digital tools to target victims.
Further investigations are underway to trace the complete money trail and identify other conspirators and facilitators involved in the racket, they added.
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