Faridabad, May 10 – In a significant breakthrough in a high-value cyber fraud case, Faridabad police have arrested two individuals from Surat, Gujarat, for allegedly duping investors of over ₹1 crore through fake stock market apps and social media groups.
The accused, identified as 29-year-old Ajit and 23-year-old Vivek, reportedly lured unsuspecting victims by sharing investment tips via WhatsApp and directing them to download fraudulent mobile applications. Once users invested money, they were unable to withdraw their funds, raising suspicions of foul play.
How the Fraud Unfolded
According to police officials, the investigation began after a resident of Baselwa Colony in Faridabad filed a complaint. The victim had been added to a WhatsApp group where stock market tips were being shared. Trusting the advice, he installed two mobile apps recommended by the group and invested a total of ₹1,12,89,135 over multiple transactions.When withdrawal attempts failed, the victim approached the Cyber Police Station (Central), prompting a formal investigation.
Arrests and Seizures
Utilizing technical surveillance, the cyber crime team traced the perpetrators to Surat and apprehended them on Friday. During the operation, police recovered 86 blank cheques, 10 bank passbooks, 15 debit cards, and five mobile phones from their possession.The investigation revealed that Ajit had sold his bank account to Vivek in exchange for a commission. Vivek then used the account to receive the fraudulent funds and converted them into USDT, a form of cryptocurrency, before forwarding them to other unknown handlers.
Police confirmed that ₹10 lakh of the stolen amount was traced directly to Ajit's account.
Ongoing Investigation
Both accused have been remanded to five-day police custody as authorities probe deeper into the operation and trace other members possibly involved in the cyber fraud network.The Faridabad police have urged citizens to remain cautious about online investment schemes and verify the legitimacy of financial platforms before transferring any money.