Ghaziabad Police Arrest 23-Year-Old in Multi-Crore Share Trading Fraud
In a significant crackdown on cybercrime, Ghaziabad police arrested a 23-year-old man on Tuesday for allegedly cheating people of over Rs 3 crore through a fraudulent share trading scheme. The accused, identified as Mohammad Nadeem, is part of a gang that includes two other members, Ankit and Arun, who are currently absconding, according to police officials.
Gang Formed on Gaming Platform to Execute Elaborate Scam
Investigations reveal that the gang members met on a popular online gaming platform and meticulously planned their fraudulent activities. As part of their scheme, they created a fake firm named Dev Logistics and opened a current bank account in a private bank to facilitate the scam. This setup was designed to lend an air of legitimacy to their operations, making it easier to lure unsuspecting victims.
Complaint Unveils Massive Fraud; Victim Loses Rs 1.1 Crore
The matter came to light when Shivraj Singh Yadav, a resident of Rajnagar Extension in Ghaziabad, lodged a formal complaint with the police. Yadav reported that he was added to a WhatsApp group where he was enticed into investing in a fake share trading website called ASK MIN. Believing the promises of high returns, he invested a substantial amount, only to lose Rs 1.1 crore in the process. After realizing he had been duped, Yadav approached the authorities, leading to the registration of a case and the initiation of a thorough investigation.
Police Recover Funds and Arrest Key Accused
During the investigation, police managed to recover Rs 9.4 lakh of the money lost by Yadav. Mohammad Nadeem was subsequently arrested from the Khoda police station area. A senior officer stated that efforts are ongoing to trace and apprehend the absconding accused, Ankit and Arun, who are believed to be key players in the gang.
Scam Spanned Five States, Affecting Numerous Victims
Based on interrogations of the arrested accused, it was revealed that the gang had cheated several people from across five Indian states: Uttar Pradesh, Maharashtra, Andhra Pradesh, Gujarat, and Tamil Nadu. This widespread operation highlights the sophisticated nature of the fraud and its far-reaching impact on victims from diverse regions.
Legal Action Initiated Under BNS and IT Act
An FIR has been registered against Mohammad Nadeem and the absconding accused under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), which pertains to cheating, along with relevant sections of the Information Technology (IT) Act. This legal action underscores the seriousness of the offense and the authorities' commitment to combating cybercrime and financial fraud.
The case serves as a stark reminder for the public to exercise caution when engaging in online investments and to verify the authenticity of trading platforms before committing funds. Police have urged citizens to report any suspicious activities to prevent similar scams in the future.
