Two arrested in Rs 1.3 crore IPO investment fraud

Times News NetworkPanchkula: The Panchkula cyber crime police apprehended two individuals in connection with a Rs 1.3 crore investment fraud case. The arrests followed a complaint lodged on Feb 20 by a local resident who was duped on the pretext of high returns on initial public offerings (IPOs). The victim said he was lured by fraudsters who promised him astronomical profits in a short duration.
The complainant transferred Rs 1.3 crore into various bank accounts provided by the accused and a case was registered at the cyber crime police station. A police team arrested two suspects, Neeraj and Rajesh, both residents of Fatehabad.Initial investigations revealed a complex web of mule accounts.Neeraj allegedly sold Rajesh's bank account. Rajesh then sold the same account to a third party. The account was ultimately used to funnel defrauded money.Investigation is focusing on tracing the financial trail and identifying other members of the syndicate involved in sale and purchase of bank accounts for cyber crimes.DCP (Crime and Traffic) Manpreet Singh Sudan noted that the gang appears to specialise in "account rotating", where multiple bank accounts are bought and sold. "Our priority is recovery of the victim's money and arrest of the remaining gang members," he said. MSID:: 128754142 413 |