Faridabad Cyber Police bust Rs.93.51 lakh share market investment scam; two Rajasthan men arrested

Faridabad: In a significant crackdown on cybercrime, the Faridabad Cyber Police, under the leadership of Deputy Commissioner of Police (DCP), Usha Devi, HPS, have apprehended two individuals involved in a large-scale share market investment fraud amounting to Rs. 93,51,000. The case was registered following a complaint from a resident of Ozone Park Apartments, Sector 86, Faridabad, who fell victim to an elaborate scam operated through a WhatsApp group.

According to the complaint filed at Cyber Police Station Central, the victim was added to a WhatsApp group on July 1, 2024, where fraudsters shared seemingly genuine stock market investment tips. The accused persuaded him to open a trading account on the platform named DAIWA SECURITIES AI Smart Demat for pre-market and American market investments.

Initially, the victim invested Rs.10,000 to test the platform and successfully withdrew Rs.1,000, which gave him confidence to proceed. Encouraged by this, he invested a total sum of Rs.93,51,000. However, soon after, all communication with the fraudsters ceased, and the victim realized he had been defrauded. Promptly, he approached the Cyber Police Station Central to report the crime, leading to the registration of a case under relevant cybercrime laws.

The cyber police team acted swiftly and arrested two suspects: Shubham Sharma (27) and Bhag Chand Upadhyay (33), both residents of Beawar district, Rajasthan, currently staying at Balaji Heights, Gandhi Path West, Lalarpur, Vaishali Nagar, Jaipur. Investigations revealed that the accused played a crucial role by providing bank accounts and associated SIM cards to the scammers, facilitating the illegal transactions.

Further interrogation disclosed that the accused identified and procured bank accounts from unsuspecting holders, kept control over the SIM cards linked to those accounts, and forwarded the account details to the main fraud operators. Educational records show Shubham holds a B.Tech degree, while Bhag Chand is a B.A. graduate.

Both accused have been remanded to police custody for 10 days for further investigation. The Faridabad Cyber Police continue to pursue leads to dismantle the entire fraudulent network and safeguard investors from such cyber scams.

This case highlights the growing menace of cyber frauds exploiting digital platforms and the importance of vigilance and timely action by law enforcement agencies. Authorities have advised the public to be cautious of unsolicited investment tips on social media and messaging apps and to verify the authenticity of trading platforms before making any financial commitments.