E-Paper
Chandigarh Police bust online trading racket busted, 3 held
The accused, identified as Mahesh Jangid, 24, Vishal Gaur, 25, and Hemant Parjapati, 26, allegedly defrauded Chandigarh’s Sector 49 resident Surinder Kumar Thakur by using fake institutional accounts to induce him to transfer large sums of money
Cyber crime police have apprehended three individuals from Jodhpur, Rajasthan, in connection with a well-oiled stock market scammer gang.
The accused have been identified as Mahesh Jangid, 24, Vishal Gaur, 25, and Hemant Parjapati, 26. An investigation revealed that the trio allegedly defrauded Sector 49 resident Surinder Kumar Thakur of ₹3.6 crores by promising high returns from shares.
Thakur, who is a stock trader, had joined a WhatsApp group named “P15 Stock Market Exchange Club” in December 2023, believing it to be a legitimate platform for stock market investments with the promise of high returns. However, the group was the front for a well-orchestrated fraud, with the accused using fake institutional accounts to induce victims to transfer large sums of money.
Targeted victims via WhatsApp
The accused operated by sharing links of trading websites via WhatsApp messages, urging unsuspecting investors to trade in recommended stocks. The fraudulent trading links provided by the accused were identified as https://www.wsifhuhn.com and https://www.ejhfbb.xyz, with the latter being used while the primary website was under maintenance. The scammers falsely claimed that these links were associated with SMC Global Securities Limited, a SEBI-registered entity, thereby gaining the trust of their victims.
The accused communicated almost entirely through WhatsApp messages and avoided answering phone calls, likely to prevent their identities from being easily traced or to avoid direct interactions that could raise suspicion.
Money laundered abroad
As per police investigation, the accused opened bank accounts specifically for receiving the defrauded money, which were then quickly withdrawn or transferred. Mahesh Jangid’s account, for example, received ₹9.8 lakh, out of which ₹5 lakh was directly linked to fraudulent activities. Jangid allegedly opened the bank account under the guidance of his accomplice, Vishal Gaur.
Gaur is accused of masterminding the account openings and managing the fraudulent transactions. He allegedly informed Mahesh that a portion of the defrauded money would be deposited in his account. He then withdrew the entire amount, keeping a 20% profit before handing over the rest to Hemant Parjapati.
The money was then laundered through various means, including cash withdrawals and cryptocurrency trading. Hemant Parjapati, was involved in converting the stolen funds into cryptocurrency (USDT) via a Binance account, further complicating the money trail.
Officials familiar with the matter said the stolen funds may have been transferred across borders such as Dubai. USDT or Tether is widely used for trading, transferring money across borders, and storing value without the volatility associated with other cryptocurrencies.
Hemant used to purchase USDT with cash from the funds currently under investigation.
Probe officials said the arrested persons may have been working on the behalf of the main perpetrator, believed to be operating from outside the country, whereas they were merely account handlers who played their part in the organised crime.
Mahesh Jangid and Vishal Gaur have been remanded to judicial custody, while Hemant Parjapati remains in police custody for further interrogation.
