Gurugram police have arrested a Jaipur resident for allegedly providing his bank account to cyber fraudsters involved in a stock market investment scam. The accused, identified as Parag Joshi, a resident of Ganesh Nagar, Kalwar Road, Jaipur, was taken into custody on Wednesday and placed on a two-day police remand.
Details of the Arrest
According to a police spokesperson, Joshi allegedly sold his bank account to cyber fraudsters for Rs 1.20 lakh. The account was subsequently used to route funds siphoned off from a local victim. The case stems from a complaint filed on September 8, 2025, in which a man reported being cheated of Rs 1.09 crore by fraudsters who promised high returns through stock market investments.
Investigation and Findings
Following the complaint, a case was registered, and during interrogation, it was revealed that Rs 12 lakh out of the defrauded amount had been transferred to a bank account opened by Joshi in the name of a private company. The accused had allegedly provided this account to another individual involved in the cyber fraud in exchange for payment. “We are questioning the accused to uncover the full network of fraudsters,” the spokesperson said.
Modus Operandi
The fraudsters lured the victim with promises of high returns from stock market investments, a common tactic in such scams. Once the victim transferred funds, the money was routed through multiple accounts, including Joshi's, to obscure the trail. The arrest highlights the growing trend of individuals selling their bank accounts to cybercriminals for quick cash, facilitating money laundering and fraud.
Legal Proceedings
Joshi has been taken into police remand for two days to allow further interrogation. The police are investigating his links to other suspects and possible involvement in similar cases. The accused may face charges under the Indian Penal Code and the Information Technology Act for his role in the fraud.
Public Advisory
The Gurugram police have urged citizens to exercise caution when approached with investment schemes promising unrealistic returns. They also warned against selling or renting bank accounts, as such actions can lead to legal consequences. The police continue to investigate the case and are working to recover the defrauded amount.
