Mohali police bust gang duping investors by promising hefty returns
The accused would target people looking to invest their money by luring them with double returns, seek a minimum deposit of ₹50,000, and block them from all communication channels after receiving the money
Police have busted an Uttar Pradesh-based gang of swindlers involved in duping residents by promising them hefty returns on investment with the arrest of four persons.
The accused would target people looking to invest their money by luring them with double returns, seek a minimum deposit of ₹50,000, and block them from all communication channels after receiving the money.
Sharing details, probe officials said the accused had created multiple groups on the networking platform Telegram under different names to execute the frauds. Through these groups, they duped people on pretext of doubling their money, trading, purchasing Bitcoin, and offering assistance for various online assignments.
According to the police, the fraudsters have targeted more than 500 people while the number of members in the Telegram groups go up to 80,000.
The arrested accused have been identified as Manisha Chauhan, Rishav Chauhan, Milan and Vishal, all residents of Saharanpur, Uttar Pradesh.
Police teams have recovered three laptops, 11 mobile phones, 45 ATM cards, SIM cards from various companies, 13 checkbooks, ₹5 lakh in cash and ₹4.3 lakh from the accused’s accounts. They also impounded a Tata Punch and Maruti Suzuki Alto cars being used by the accused.
Senior superintendent of police Sandeep Garg said they were investigating the complaint of Akshay Kuma of Baltana, who had been duped of ₹46,000 by the gang.
During the investigation, it came to light that similar cases had been reported from different parts of the Mohali district and a special team was formed to probe the matter.
Garg said during the investigation, it came to light that the accused had carried out bank transactions worth ₹1.2 crore in the last one year.
They have been booked under sections 406 (forgery), 420 (cheating), 120 B (criminal conspiracy) of the Indian Penal Code and the IT Act.