The cybercrime police in Hisar have busted a multi-state stock market investment fraud racket, arresting five accused and recovering electronic devices and bank documents. The case came to light after a Barwala resident was duped of Rs 29 lakh through a fake trading app.
Arrests and Recoveries
The arrested accused have been identified as Inderjit Singh of Ludhiana, Harendra Sharma of Sriganganagar, Adnan of Hyderabad, and Manish. Another accused, Shahrukh of Faridabad, was arrested earlier in the case. Police recovered 18 mobile phones, 33 passbooks, cheque books, 22 ATM cards, and a laptop from their possession, pointing to a well-organised network involved in financial fraud.
How the Fraud Unfolded
Additional SP Mayank Mudgil said complainant Tarun Singla, a resident of Barwala, reported that he was lured through Instagram into a fraudulent investment scheme and later added to a WhatsApp group where he was persuaded to invest in share trading. The victim subsequently transferred Rs 29 lakh into multiple bank accounts via a fake mobile application.
Investigation and Network
During investigation, the cyber team tracked the money trail through various bank accounts, eventually linking it to an account operated under the name 'Inzamam Cloth House', owned by Shahrukh in Faridabad. He was arrested earlier, and a mobile phone was seized from him. Further probe revealed a wider network of mule accounts spanning Ludhiana and other states.
Acting on leads, police arrested the remaining accused and seized multiple bank-related documents and devices used in the fraud. Preliminary investigation suggests that the gang used to open or procure fake bank accounts, route the defrauded money through them, and later withdraw it using different channels to avoid detection. Police said efforts are on to identify and nab other members of the racket.
