The Intelligence Fusion & Strategic Operations (IFSO) unit of Delhi Police has busted a major online stock market scam syndicate. This action was taken after a local real estate developer, Krishan Kumar, filed a complaint about losing approximately ₹3.76 crore. Police teams conducted coordinated raids across Mumbai, Kota, Noida, and Lucknow to arrest the individuals running this network.
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How did the scammers trap the victim?
The gang used social media platforms and WhatsApp to approach people, often using international phone numbers. They specifically targeted high-net-worth individuals to steal large amounts of money. The scammers asked victims to download fraudulent trading platforms that displayed “fake profits” to build trust in the beginning.
Once the victims saw good returns on the screen, they were asked to invest more money. However, when Krishan Kumar tried to withdraw a large sum, the scammers demanded extra fees in the name of taxes and activation charges. It was then he realized he had been cheated.
Who are the arrested individuals?
Police have arrested six people who were managing the money flow and bank accounts in India. The arrested individuals include Siblu Kumar from Navi Mumbai and Wasim Ahmad from Moradabad. Another accused, Manish Kumar from Dwarka, was responsible for managing the mule accounts for the fraud money.
- Siblu Kumar: Received ₹10 lakh in his account.
- Wasim Ahmad: Arrested in Jangpura, Delhi.
- Manish Kumar: Handled money transfers and accounts.
- Associates: Rajesh Khan, Sahid Ali, and Mannu Issar.
What did the police investigation reveal?
The investigation showed that these arrested men were local operatives handling the financial side of the scam. The main instructions were allegedly coming from foreign handlers based in countries like Cambodia and Dubai. Police seized 9 high-tech mobile phones from the accused.
During the forensic analysis of Manish Kumar’s phone, police found links to at least 52 other cybercrime complaints registered across India. The police are now looking into the foreign connections to catch the main masterminds behind this racket.
