2 arrested for Rs 11.17 lakh mutual fund investment scam

Kaithal police have arrested two men for allegedly cheating a local of Rs 11.17 lakh by luring him into a fake mutual fund investment scheme operated through a WhatsApp group named ‘ICICI Security Y-4’.

The complainant was added to a group promising high returns and was persuaded to invest through a fraudulent mobile app, named ‘IC Direct’. Small initial pay-outs were made to gain his confidence before the accused extracted larger sums, including amounts demanded as “tax” using forged documents.

The accused, both residents of Bihar, were arrested after their bank accounts were found linked to the fraud. A case has been registered at the Cyber Crime police station, Kaithal.