Delhi Police net fraudsters in online investment scam

Samad Hoque

New Delhi, June 1

The Delhi Police on Saturday busted an online share market investment fraud syndicate that allegedly duped a person of over Rs 29 lakh.

Ashish Lakhote, a senior resident at Safdarjung Hospital, lodged a complaint on April 27, reporting the loss incurred under the guise of online share market investment. Initially registered under Sections 419 and 420 of the IPC, the case later saw the addition of Sections 120-B and 34, pertaining to criminal conspiracy and common intention.

Among the four suspects arrested, Rohit Chhikara (38), Varun (23) and Manish Mann (29) hold degrees with diverse educational backgrounds. Chhikara, a Dwarka resident, has done graduation in Journalism and Mass Communication and also has an MBA degree. Varun, a final-year dropout from Pathankot in Punjab, boasts a Diploma in Russian and Ukrainian languages, while Mann, hailing from Rohini, has done BSc and MBA. The fourth suspect, Uday Mittal (37), a Ghaziabad resident, has completed Class XII.

Lakhote’s encounter with the alleged fraudsters began with an invitation to join an online firm named Randstad India Company Pvt Ltd., where he was offered a part-time job. Subsequently added to the Telegram group “Brand Provoke Digital Marketing with VIP888”, he underwent tutorials and was tasked with reviewing hotels. Eventually, his account was established on “OKX Exchange”, and he was directed to execute prepaid tasks and invest funds into various bank accounts provided by the fraudsters. When he tried to withdraw his money, he couldn’t do so. The fraudsters induced him to invest money in the fake platform, resulting in a loss of Rs 29,55,696 through different transactions.

The police initiated a multifaceted investigation, focusing on both the money trail and technical leads of the case.

Deputy Commissioner of Police, South West District, Rohit Meena said, “The money trail was analysed and it was revealed that Rs 29,55,696 was debited from the complainant’s bank account and credited to 10 different bank accounts.”

The DCP said further details of alleged bank accounts were sought and analysed where it was found that Rs 10 lakh of the whole amount was credited in RBL Bank in Dwarka Sector 7, held by Chhikara. Subsequent withdrawals of Rs 8 lakh and Rs 2.8 lakh were made from RBL Bank branches in Noida, Sector 63, and Indirapuram, Ghaziabad, respectively.

Upon examination of CCTV footage from the Noida bank, Chhikara was identified as one of the individuals withdrawing cash. Raids across Delhi-NCR led to the arrest of Chhikara and Varun, who confessed to operating on a commission basis alongside co-accused Mann. Further investigation led to Mann’s arrest, resulting in the recovery of Rs 3.98 lakh in cash, along with nine smartphones, nine debit cards and two bank cheque books.

DCP Meena revealed Mann’s connection with an individual, namely ‘A’, in Kazakhstan, where cash provided by Mittal was converted into USDT (cryptocurrency) and transferred to ‘A’ into his crypto wallet. It was unveiled that around Rs 4.5 crore of cheated funds had been converted and transferred in the last two months, with ongoing efforts to apprehend additional suspects.

Two accused had MBA degrees

• Rohit Chhikara (38) has done graduation in Journalism and Mass Communication and also has an MBA degree
• Varun (23), a final-year dropout from Pathankot, boasts a Diploma in Russian and Ukrainian languages
• Manish Mann (29) from Rohini has done BSc and MBA
• The fourth suspect, Uday Mittal (37), a Ghaziabad resident, has completed Class XII
• The DCP has revealed Mann’s connection with a person in Kazakhstan, where cash provided by Mittal was converted into USDT (cryptocurrency)