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Ludhiana: Five held for duping locals, ₹1.94 crore recovered
A total of ₹1.94 crore besides 19 mobile phones, 5 laptops, a computer and two note counting machines from their possession
The Division number 8 police arrested five accused for allegedly duping city residents on the pretext of setting bets on cricket matches and stock investment through mobile applications.
A total of ₹1.94 crore besides 19 mobile phones, 5 laptops, a computer and two note counting machines from their possession.
According to police, the duped amount could be more. The police are trying to trace the victims of the gang to know the actual amount duped by the accused. It is also suspected that since a lot of cash was involved in it, people could have invested unaccounted money with the accused.
The arrested accused have been identified as Kushal Kumar, 44, Sandeep Sethi, 40, Dinesh Kumar, 43, Onkar alias Honey, 27 and Vivek Kumar, 46. They were running a racket from a rented accommodation near Guru Nanak Stadium at Basant Singh Khalsa road, which also goes by the name Club Road.
Assistant commissioner of police (ACP, Civil Lines) Jasroop Kaur Bath, who led the operation, said that the accused were involved in two types of frauds.
The accused were accepting bets on cricket matches through a mobile phone app. They also made people invest in the stock market through an app developed by them. The system of these apps was made such that people investing in it would mostly lose their money, Bath said.
The ACP added that the app used by the accused in stock market investment does not follow the guidelines of financial regulator SEBI. Moreover, the accused would deal in cash. The people, who would invest in the stock market, would give cash to the accused for investment.
The ACP said that two of the accused, Kushal and Sandeep, were arrested from their office in Stock Exchange market in Feroze Gandhi Market, while Onkar alias Honey, Vivek and Dinesh were arrested from their office in Miller Ganj area.
