Ludhiana: ₹4.35-cr fraud: 2 more arrested, ‘kingpin’ already in Kota jail, say police

Two associates of the kingpin, Pankaj Narang and Chander Mohan, both residents of Ganganagar, Rajasthan, have been arrested for their involvement in the scam

The Ludhiana cyber crime police have identified the mastermind behind ₹4.35-crore investment fraud. The kingpin, Rohit, is currently lodged in a jail in Rajasthan’s Kota after he was apprehended there in connection with another fraud case. Additionally, two of his close associates, Pankaj Narang and Chander Mohan, both residents of Ganganagar, Rajasthan, have been arrested for their involvement in the scam.

The kingpin, Rohit, is currently lodged in a jail in Rajasthan’s Kota after he was apprehended there in connection with another fraud case. (HT File)

Complainant Rashpal Singh, a resident of Model Town, had complained on June 3, 2024, that he had been duped of ₹4.35 crore. Singh, a frequent investor in the stock market, was added to a WhatsApp group that claimed to have been providing stock market investment tips. Initially, the group led him to small profits to build trust. After encouraging Singh to make larger investments, the accused vanished, leaving him with substantial losses.

Following an investigation, the city police registered an FIR under Sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code. Inspector Jatinder Singh, SHO at the cyber crime police station, said that on January 16, one Vikram Yadav of Hoshiarpur was arrested as his bank account had received ₹60 lakh from the defrauded sum. The investigation later led the investigators to another account linked to Pankaj Narang, where part of the funds was transferred. Chander Mohan, one of the accused, played a crucial role in facilitating the fraud by arranging bank accounts for Rohit’s criminal activities.

“Chander Mohan is a close associate of the kingpin and was instrumental in arranging bank accounts for the fraud. He charged ₹25,000 for each account arranged. During questioning, he admitted to targeting economically vulnerable individuals, offering them ₹10,000 to use their accounts for illicit transactions,” said the inspector.

The police have also contacted the Kota police, who confirmed that Rohit is currently imprisoned. The Ludhiana police plan to bring him to the city on a production warrant to further their investigation.