Cops nab five for running online investment scams

The crime branch unit of Delhi Police unearthed a large-scale online investment scam, operating through social media groups and bogus trading applications, with the arrest of five fraudsters and detection of money trails amounting to Rs 24 crore, officials said on Friday.

The arrests were made in two separate cases and the arrested were identified as Rajiv, Monu Kumar, Mohit, Rajbir and Balwan.

“In the first case, the complainant was cheated of Rs 31, 45,000 on the pretext of an investment scheme, promising high returns. The accused lured the complainant through a WhatsApp group and got an application named “Cventura” installed on his phone. The complainant was induced to transfer funds into six different bank accounts as part of the purported investment,” Deputy Commissioner of Police (Crime) Aditya Gautam said.

The DCP added that after a substantial amount had been deposited and the complainant started demanding his profit, the WhatsApp group suddenly disappeared and the app became non-functional.

During the course of investigation, it was found that the money was routed through several mule accounts. Based on a technical surveillance, a raid was conducted in Ludhiana and Khanna, and two accused—Rajiv and Monu—were arrested.

The officials added that the mule account belonged to Rajiv and nearly Rs 6.45 lakh was credited to his account by the victim.

Scrutiny of the account revealed that Rajiv was involved in multiple fraudulent transactions worth more than a crore.

He also disclosed that Monu and other two persons had approached him to open the account and use it and that they paid him Rs 2 lakh as commission for the account.

Monu used to lure individuals into opening accounts and thereafter facilitated the sale and use of such accounts for cyber fraud in the lieu of commission. He used to receive around Rs 15,000 per bank account arranged by him.

In the second case, the complainant joined a WhatsApp group ‘VIP 10 Stock Sharing’, where the accused persons induced the victim to invest through an application named Verger.

The complainant was gradually made to transfer Rs 47,15,800 through multiple transactions into separate accounts on the pretext of stock, investment trading. Thereafter, the said WhatsApp group and the app were abruptly discontinued.

During investigation, it was established that the amount was credited into an account in the name of ‘Farmpure Organic’, and some amount was transferred into the account of one Rajbir Singh, who further transferred this amount to another account in Mumbai.

Raids were conducted at Hisar and Panchkula (Haryana) and accused Mohit was apprehended and scrutiny of the account revealed that the amount had been routed through multiple transactions to conceal the trail.

On interrogation, Mohit disclosed that he had opened the said bank account in the name of his wife without her knowledge and had handed over the account details and linked SIM card to his associate Balwan, the police official said.

Balwan was arrested from Churu in Rajasthan and during interrogation disclosed that he arranged current and savings accounts on the directions of an associate in lieu of commission.

The DCP said that efforts were being made to apprehend the absconding accused persons.