Two Surat, Gujarat, men have been arrested in a case of cyber fraud worth more than Rs 1.12 crore, Faridabad police has confirmed on Saturday. The duo, Ajit (29) and Vivek (23), are accused of cheating victims with promises of good returns through investment in the stock market through fraudulent mobile applications and social media groups.
The case started when a resident of Baselwa Colony, Faridabad, complained after being added to a WhatsApp group where so-called investment tips were being shared. The victim was convinced to download two mobile apps and invest in the stock market. He transferred a total of Rs 1,12,89,135 through several transactions over time. But when he attempted to withdraw his money, he was unable to access the money, and thus he went to the police.
While probing the case, the cyber cell squad followed the accused to Surat with technical observation and nabbed them on Friday. The accused yielded 86 blank cheques, 10 bank passbooks, 15 debit cards, and five cell phones to police, showing the magnitude and maturity of their activity.
Interrogation showed that Ajit had sold his bank account to Vivek in commission. The defrauded money was withdrawn from this account by Vivek and routed to other handlers through USDT, a cryptocurrency, to hide the trail of money. Approximately Rs 10 lakh were traced back to Ajit's account, and both accused have been remanded in five-day police custody for further interrogation.
Officials have filed a case under appropriate sections at the Cyber Police Station (Central), and further investigation is underway to discover other possible victims and co-accused. The case comes on the back of the escalating menace of cyber frauds taking advantage of pseudoinvestment opportunities and online payment systems.
