NEW DELHI: The Delhi Police have busted a cybercrime racket and arrested nine individuals, including a woman, for duping people by promising high returns from investments in the share market, officials said on Monday. The accused collected around ₹2.38 crore by cheating four victims, and efforts are underway to recover the funds.

On January 17, Vishal Sodhi filed a complaint with the Intelligence Fusion and Strategic Operations (IFSO) unit regarding cheating under the guise of investment through trading applications. Similar complaints were also received from Manoj Kumar, Rajbir Yadav, and Shailendra Kumar, Deputy Commissioner of Police Hemant Tiwari stated.

The victims reported that they were added to a messenger group where online tutorials on stock market trading were conducted. They were then persuaded to invest in multiple companies through their respective bank accounts, totalling around ₹2.38 crore.

Based on the complaints, an FIR was registered, and an investigation was initiated. During the investigation, the police discovered 25 multiple-beneficiary bank accounts where the victims were instructed to deposit their money.

By tracing the digital footprints and the money trail, the police identified a suspect named Munish Sharma. A raid was conducted, and Sharma was arrested from the Paschim Vihar area in Delhi. His arrest led to the capture of eight more individuals involved in the crime.

The latest arrest in the case was made on May 18, according to the DCP.

Police revealed that accused Vikas Bansal and his associates, Manoj Bansal, Tushar Garg, and others, had created over 400 bogus firms and opened more than 400 bank accounts linked to these companies. The fraudsters used these accounts to launder the cheated money.

To manage the proceeds of their crime, the accused contacted indigent individuals, convincing them to open bank accounts in exchange for a payment. They collected Aadhar cards, PAN cards, and other KYC documents from these individuals to establish bogus firms in their names.

The police also discovered that the accused had rented premises in different parts of Delhi to register the fake firms.

Those arrested were identified as Munish Sharma, Gaurav Kumar, Paramjit, Ram Kumar Raman, Vikas Bansal, Tushar Garg, Manoj Bansal, Rajesh Kumar Goyal, and Rachna. The police also found that these accused sold fake bank accounts to Dubai-based cybercriminals.

The police recovered 84 mobile phones, 250 SIM cards, two laptops, four chequebooks, five voter ID cards, 28 ATMs, and several documents related to their bogus firms from the accused.

Date: May 20, 2024