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New Delhi, Nov 23 (IANS) In a significant crackdown against cyber-enabled financial crime, the Cyber Cell of the Crime Branch of Delhi Police has arrested two alleged masterminds of a Rs 2.35 crore online investment scam operated under the name “Stock Market”, Delhi Police said on Sunday.
The arrested accused have been identified as Sajjad Ahmed (35) and Uttam Mandal (40).
The arrests were made after months of technical tracking, financial analysis and cross-state coordination in the case registered under FIR No. 50/2025 at the Special Cell, Delhi.
Delhi Police in its press note said, “The accused acted as professional account providers and facilitators, purchased bank accounts from individuals by promising profit shares and handed over the entire banking kit (cheque books, ATM cards, SIM cards and login credentials) to the cyber fraud operators. These accounts were used by the interstate syndicate to remit the defrauded money.”
Authorities said the racket lured victims through social media – particularly Facebook – by promising high-return investments in foreign exchange and stock-market trading.
Victims were added to fabricated online groups where fake profits were displayed on manipulated dashboards. But when they tried to withdraw the funds, they faced denials, threats and widespread deception.
According to investigators, the two worked as “professional account providers” who obtained bank accounts from individuals by offering them a cut of the profits.
They allegedly collected the entire banking kit – check books, ATM cards, SIM cards and login credentials – and handed them over to cyber-fraud operators, who operated the scam from multiple locations across India.
A current account opened in the name of M/s Chand Electronic emerged as a central funnel to transfer the defrauded funds. Police said around Rs 20 lakh has been traced so far through multiple layers of mule accounts.
Interrogation revealed that the accused regularly supplied accounts to interstate cyber-crime syndicates and knew that the channels were being used to receive and transmit fraudulent proceeds.
DCP Aditya Gautam said, “Further investigation is underway to dismantle the entire network behind the ‘stock market’ fraud scheme.”
–IANS
SAS/PGH