The desire to earn huge profits overnight in the stock market is making people easy victims of cyber frauds. Cyber Cell of Delhi Police has exposed one such big gang, which was duping people of lakhs of rupees by giving fake stock tips through WhatsApp groups.
The police have arrested Anirudh Pratap Singh, an important member of this network. He is a Company Secretary (CS) student and used to provide fake companies and bank accounts to the fraudsters.
How was the trap of fraud laid?
This big fraud came to light when a victim named Munish Chandra lodged a complaint with the police. The swindlers had cheated him of Rs 6.83 lakh by luring him with huge profits in the stock market. The accused introduced themselves as representatives of a company named ‘New Berry Capital Private Limited’ and added Munish to a WhatsApp group. In this group, the trust of the victim was won by continuously sending fake stock tips and market analysis reports and then the money was transferred to different bank accounts.
IPO hoax and shell companies’ game
Delhi Police investigation revealed many shocking methods of cyber fraud:
- This gang used to lure people into investing in new IPOs.
- The fraudsters used to show fake entries in the portfolios of the victims so that they feel that their money is increasing and they do not try to withdraw the amount.
- Technical investigation revealed that a large part of the defrauded amount was sent to the bank account of a company named ‘Trevanta Solutions Private Limited’, which was actually a shell company running only on paper.
Arrest made from Gurugram
The Delhi Police team closely analyzed the bank transactions, mobile data and digital footprint and traced the accused Anirudh Pratap Singh to his location in Gurugram and arrested him. A mobile phone and SIM card have been recovered from the accused, which were being used to operate fake bank accounts. According to the police, so far 18 complaints related to this gang have been received. At present, the police is searching for other accused involved in this racket and the investigation has been intensified to recover the remaining defrauded amount.