NEW DELHI: Delhi Police’s Crime Branch has arrested two men for their involvement in a multi-crore stock market scam. The duo allegedly provided their bank accounts to interstate cyber syndicates, enabling the diversion and laundering of funds through multiple channels, officials said on Friday.
The cyber syndicates targeted victims with false promises of “initial public offering (IPO) funding” and high-return stock market investments, cheating investors of nearly Rs 6.40 crore, according to the police.
The accused have been identified as Mohd Asim Ali Khan from Uttarakhand’s Nainital and Rushikesh Jaywant Kamble from Pune, Maharashtra. Khan allegedly facilitated fraudulent transactions worth Rs 66 lakh out of Rs 5.9 crore through his bank account.
His account was linked to eight National Cyber Crime Reporting Portal (NCRP) complaints and was previously involved in a case in Haryana. Kamble, on the other hand, facilitated fraudulent transactions of Rs 6.71 lakh through two accounts, which were linked to 78 NCRP complaints, with a prior case in Hyderabad.
According to officials, the victims were contacted via social media and lured into downloading fake trading apps, after which they were induced to join investment groups. Large sums were transferred into layered bank accounts, and when victims requested withdrawals, the fraudsters resorted to deceit and coercion.
In one case, a complainant was defrauded of nearly Rs 5.93 crore, with 33 first-layer accounts traced. In another case, Rs 46.66 lakh was siphoned off, with eight first-layer accounts identified, including those linked to Kamble.
“Both accused admitted to being professional account providers for organised cyber syndicates, opening multiple accounts and handing over full access to handlers, including cheque books, ATM cards, and SIM cards. Their accounts were key to receiving, layering, and circulating fraudulent proceeds across the country,” DCP (crime) Aditya Gautam said.