Gurugram Cyber Police busts stock market investment scam, arrest a Punjab National Bank employee

Gurugram Cyber Police arrested three men, including a bank employee, for a cyber fraud involving fake stock market investments. This brings the total number of bank employee arrests in cyber fraud cases to eleven, police said on Friday.

The bank employee, identified as Devender Sharma from Punjab National Bank (Jaipur branch), allegedly provided bank accounts to the fraudsters. The accused convinced a Gurugram resident to invest Rs 44.57 lakh in April with the promise of high returns.

An FIR was filed on April 17th after the victim realized he was duped. Inspector Savit Kumar's team apprehended Devender Sharma, Imran, and Hasrat Ali (alias Happy) - all residents of Jaipur.

What was the modus operandi
Investigation revealed that Devender Sharma had opened a fake firm account using documents provided by Imran and gave access to Happy. Rs 1 lakh from the defrauded amount was transferred to this account, which Happy then sold to cyber thugs for Rs 1.5 lakh. Devender and Imran allegedly received Rs 50,000 each for facilitating the scam.

"We are currently questioning the accused," said DCP (ACP Cyber) Siddhant Jain.