New Delhi: In a major crackdown on cyber-enabled financial fraud, the Cyber Cell of Delhi Police Crime Branch on Friday apprehended two key accused in a multi-crore stock market scam.
The victims were cheated of nearly Rs 6 crore through fake IPO funding and stock market schemes. The two accused named Kulwant Singh and Devender Singh were arrested by the cyber cell for acting as “account holders” for organised cyber fraud syndicates.
They provided victims’ bank accounts to interstate cyber syndicates, enabling diversion and laundering of victims’ funds through multiple channels.
The syndicates lured the investors with false promises of IPO funding and high-return stock market schemes.
The accused facilitated fraudulent transactions of ₹20 lakh (part of ₹6 crore) via their Bank of Baroda account in the name of Akhil Bhartiya Gareeb Jan Seva Trust. The Trust was registered before the Sub-Registrar as an NGO/Trust and a Current Account was opened in the Trust’s name for banking operations. This account was found to be linked with 10 complaints on the National Cybercrime Reporting Portal.
Their modus operandi involved enticing investors with fake trading applications and persuading them to join these groups in hope of monetary gains. The investors were contacted by the syndicates via social media and WhatsApp.
When victims wanted to withdraw, they were coerced and threatened that if they left the group they would have to forgo their money. Also, funds were layered through multiple bank accounts to conceal the source.
Upon interrogation, the Crime Branch found 30 first-layer bank accounts, including the Akhil Bhartiya Gareeb Jan Seva Trust (Bank of Baroda). The Trust account was being used as a primary laundering conduit and ₹20 lakh was traced into this account so far.
Both accused repeatedly provided Trust/Current Accounts and full banking access to handlers for commissions despite being linked to multiple NCRP complaints.
The accused provided the registered Trust’s Current Account to the fraud syndicate in exchange for monetary consideration — ₹30,000 per month for the account’s availability and 5 per cent commission on each transaction routed through the account.
These arrests expose the deep nexus of organised cyber fraud and disrupt crucial financial pipelines, misused to cheat citizens across the country.
(IANS)
