Multi-crore fraud scam lured investors via gaming platform, kingpin arrested
The Uttar Pradesh Special Task Force (UP STF) has arrested the mastermind of a multi-crore investment fraud, accusing him of duping investors by promising stock
The Uttar Pradesh Special Task Force (UP STF) has arrested the mastermind of a multi-crore investment fraud, accusing him of duping investors by promising stock market training, IPO opportunities and high returns before diverting them into a fantasy gaming platform to siphon off money. The accused, Anurag Arvind Srivastava, was arrested in Nagpur in connection with multiple cyber fraud cases registered across the country, including in Uttar Pradesh and the Andaman and Nicobar Islands.
Read Full Story According to the STF, Srivastava lured people by offering stock market education and investment guidance. He then persuaded to invest in stock trading and initial public offerings (IPOs), after which they were convinced to deposit large sums of money into fraudulent schemes. Investigators said the accused also used a fantasy gaming platform called My Ground 11 Gaming Zone to deceive investors and their acquaintances, making it another channel through which funds were allegedly collected.
During the operation, the STF recovered six cheque books and unsigned cheques with a combined value of around Rs 5.67 crore from the accused. Police said Srivastava has an extensive criminal record, with 10 cyber fraud cases registered against him at the Cyber Crime Police Station in Lucknow. Another case has also been registered in the Andaman and Nicobar Islands, while investigators suspect his activities may have affected victims in multiple states.
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