Delhi Police arrest two in Rs 80 lakh online stock investment fraud
Two men have been arrested for allegedly cheating a person of around Rs 80 lakh in an online investment fraud by luring him with promises
Two men have been arrested for allegedly cheating a person of around Rs 80 lakh in an online investment fraud by luring him with promises of high returns from the stock market, a police officer said on Sunday. Police have also frozen stocks worth about Rs 25 lakh linked to the case. The accused have been identified as Piyush Kumar, 31, a resident of Karol Bagh in Delhi, and Jatin Khajotia, 31, a resident of Gurugram in Haryana. Investigators said the complainant was persuaded to invest large sums in stock market schemes that promised unusually high returns, but did not receive either the returns or the invested money.
Read Full Story According to police, the case was registered at Rajinder Nagar police station after the complainant alleged that he had been induced to invest substantial amounts in such schemes. “Trusting the assurances given by the accused, the complainant transferred around Rs 80 lakh through multiple transactions. However, neither the promised returns nor the invested amount was received, prompting him to approach the police,” a senior police officer said. Police said the investigation involved scrutiny of bank accounts, transaction records, mobile data and other digital evidence. During the probe, investigators established the money trail and identified the people allegedly involved in the fraud.
Based on inputs and intelligence gathered during the investigation, Kumar was apprehended from a five-star hotel in Delhi, while Khajotia was arrested from Gurugram on June 17. During interrogation, the accused allegedly admitted that they had gained the complainant’s confidence and persuaded him to invest large amounts in stock market and investment schemes by promising unusually high returns. Police said further investigation showed that part of the cheated money had been routed through multiple beneficiary accounts and invested in stock market instruments. “The disclosures made by the accused helped investigators identify assets linked to the proceeds of crime and establish the financial trail of the funds,” the officer said.
Police said beneficiary accounts linked to the alleged proceeds of crime have also been identified, and further investigation is underway. So far, two men have been arrested in the case, and stocks worth about Rs 25 lakh connected to the alleged fraud have been frozen. Ends
The BriefWire