New Delhi: In a large crack on cyber-capable financial fraud, on Friday, the cyber cell of the Delhi Police Crime Branch caught two major accused in a multi-gruesome stock market scam.
Through fake IPO funding and stock market schemes, the victims were cheated for about Rs 6 crore. Two accused of Kulwant Singh and Devendra Singh were arrested for working as “account holders” for cyber fraud syndicates organized by Cyber Cell.
He provided bank accounts of the victims to interstate cyber syndicates to enable the fans and laundering of the funds of the victims through several channels.
Syndicates lured investors with false promises of IPO funding and high-retrieved stock market plans.
The accused provided the facility of cheating transactions worth ₹ 20 lakh (₹ 6 crore) through his Bank of Baroda account in the name of All India Garib Jan Seva Trust. The trust was registered before the sub-registrar as the NGO/Trust and an current account was opened in the name of the trust for banking works. The account was found to be associated with 10 complaints on the National Cybercrime Reporting Portal.
His Modus Operanndi persuaded investors with fake trading applications and persuaded them to join these groups in the hope of monetary gains. Investors were contacted by syndicates through social media and WhatsApp.
When the victims wanted to withdraw, they were forced and threatened that if they leave the group they would have to undergo their money. In addition, funds were leveled through several bank accounts to hide the source.
On interrogation, the Crime Branch found 30 first first bank accounts, including All India Garib Jan Seva Trust (Bank of Baroda). The trust account was being used as the primary laundering condit and the detection of 2 lakhs was now detected in this account.
Both the accused provided the trust/current account and full banking access to the commissions despite being involved in several NCRP complaints.
The accused provided the current account of the trust registered to the fraudulent sendicate in exchange for monetary consideration – 30,000 commissions per month for the availability of the account and 5 percent on each transaction through the account.
These arrests highlight the deep nexus of organized cyber fraud and disrupt significant financial pipelines, misusing citizens across the country to cheat.
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