New Delhi, March 23 A cyber fraud syndicate that cheated several people by promising high returns through bogus stock investments has been busted with the arrest of a 24-year-old student, police said on Monday.
The accused, identified as Aniruddh Pratap Singh, was apprehended in Gurugram on March 19 for his role in facilitating shell companies and bank accounts used to channel the cheated money, they said.
"The case came to light after a complaint was filed by Munish Chandra, who alleged that he was cheated of Rs 6.83 lakh by fraudsters posing as representatives of a firm. The victim was added to a social media messaging group where he was lured with stock tips, fake analysis reports, and promises of high returns," a senior police officer said.
He later transferred the money into multiple bank accounts and was shown fake investments, including IPO subscriptions, on a fraudulent platform. However, he could neither withdraw the funds nor verify the investments, he added.
During the investigation, police found that Singh, a student of the company secretary course, had incorporated a shell company and operated a bank account that received Rs 1.7 lakh of the cheated amount in the first layer.
"So far, 18 complaints have been linked to the syndicate. Further investigation is underway to trace the other accused and the remaining money," the officer added.
