Two arrested in Rs 1 cr fake trading app fraud

Indore: Two persons were arrested for siphoning off Rs 1.1 crore through a network of mule bank accounts and SIM links by Indore cell of state cyber police a year after a complainant was lured into investing in a bogus share trading and marketing application."The victim was promised unusually high returns in stock market through an online platform. Acting on the inducement, the complainant transferred funds through multiple transactions into different bank accounts shared by the accused," state cyber cell inspector Surendra Waskale said.The fraud came to light when the promised returns never materialised and communication from the accused ceased, he added.Following the complaint, the cyber cell registered a case on National Cyber Crime Reporting Portal and initiated a detailed probe. A case was subsequently registered under relevant sections of the BNS and IT Act, and investigators began tracking the money trail and digital footprints linked to the transactions.The probe revealed that the accused were part of a larger network engaged in financial cyber fraud. They allegedly rented out their bank accounts and linked SIM cards to fraud operators in exchange for a commission, enabling the routing and withdrawal of cheated funds without raising immediate suspicion.Acting on technical evidence and account analysis, the police arrested Akash Chauhan, 34, a resident of Harsola, and Ashish alias Deepak Yadav, 31, from Vijayvargiya Nagar area of the city on April 8. Both were produced before a district court and have been sent to judicial custody.