Gang of ‘fake’ market experts busted, nine arrested

DCP (IFSO) Hemant Tiwari said they received complaint in January and later more regarding cheating through trading app CHC-SES.
During the probe, it was found that cyber fraudsters allured to deposit cheated amounts in 25 bank accounts.
During the probe, it was found that cyber fraudsters allured to deposit cheated amounts in 25 bank accounts.

NEW DELHI: Delhi Police has busted a gang of nine people who allegedly impersonated as stock market experts and duped people on the pretext of investment for high returns through a trading app, officials said on Monday, adding that the nine have been held.

DCP (IFSO) Hemant Tiwari said they received complaint in January and later more regarding cheating through trading app CHC-SES.

“It was alleged that they were added to the WhatsApp group, where online tutorials regarding ‘How to invest in trading for high returns’ were given. The complainants were induced to invest in multiple companies through their bank accounts amounting to Rs 2.38 crore,” DCP said.

A case was lodged and during the probe, it was found that cyber fraudsters allured to deposit cheated amounts in 25 bank accounts, the officer said.

“One of the accused Munish Sharma, who was using the suspected mobile phones and had logged in the alleged Gmail ID linked with the alleged bank accounts was traced and arrested on the basis of technical surveillance. At his instance, eight more co-accused were nabbed,” the DCP said.

“Their modus operandi was to win the confidence of people by offering them a handsome amount or commission for the amounts accruing in their accounts. The accused also collected their Aadhaar, PAN cards and KYC documents and floated bogus firms in the name of such people,” said the DCP.

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