Delhi Police Cracks Down on Rs 31 Lakh IPO Investment Fraud, Arrests Three Accused
In a significant crackdown on cyber crime, the Delhi Police Crime Branch has arrested three individuals from Saharanpur, Uttar Pradesh, in connection with a sophisticated investment fraud case. The accused allegedly cheated a technology professional of Rs 31 lakh by luring him with promises of high returns through fake initial public offering (IPO) investments.
Details of the Arrest and Modus Operandi
The arrested individuals have been identified as Sarvjeet (35), Pawan (33), and Puneet (32), all residents of Saharanpur. According to police reports, the syndicate impersonated representatives of a leading investment company to deceive victims. They created fraudulent online investment portals designed to appear legitimate, thereby gaining the trust of unsuspecting individuals.
Deputy Commissioner of Police (DCP) Crime Branch, Aditya Gautam, elaborated on the scheme: "The victims were enticed with promises of high returns and coerced into transferring large sums of money. The accused used self-designed websites to mimic real investment platforms, and they recruited poor and unemployed youths to open and operate mule bank accounts, which facilitated the laundering of crime proceeds."
Roles of the Accused in the Scam
The investigation revealed specific roles played by each accused in orchestrating the fraud:
- Sarvjeet: An LLB graduate, he allegedly provided a mule bank account belonging to Sarvhit Manav Sewa Samiti in exchange for monetary benefits. This account was subsequently handed over to his co-accused.
- Pawan: Educated up to Class 12, he is accused of arranging and supplying mule bank accounts to cyber criminals, enabling the flow of illicit funds.
- Puneet: He is alleged to have supplied bank account kits to the investment fraud syndicate, receiving them from Sarvjeet and a previously arrested accused, Deepak Saini.
The complainant, a professional employed with a multinational technology firm, was targeted by this syndicate. He was persuaded to transfer money after being assured of lucrative returns through purported IPO investments, only to fall victim to the scam.
Police Advisory and Preventive Measures
In light of this case, the Cyber Cell of the Delhi Police Crime Branch has issued a renewed advisory to the public. They urge individuals to exercise caution by:
- Verifying all investment offers through official channels before committing funds.
- Avoiding unverified online platforms that promise unrealistic returns.
- Reporting any suspicious activities or fraud attempts on the National Cyber Crime Reporting Portal (NCRP) to help combat such crimes effectively.
This arrest underscores the ongoing efforts by law enforcement to tackle cyber fraud and protect citizens from financial scams in the digital age.
