2 held for stock market scam in Delhi

The accused were identified as Vaddoriya Kewin Mukeshbhai, 25, a BBA student from Gujarat’s Surat and Abdul Barik, 32, from Roorkee

With the arrest of two people, the Delhi Police’s special cell on Wednesday busted a multi-layered stock market scam allegedly run by an international syndicate. The two arrested accused had been facilitating mule bank accounts used to launder over ₹64 lakh siphoned off from an investor under the pretext of stock market trading and IPO investments, police said on Friday.

A case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) has been registered. (Representational image)

Deputy commissioner of police of the intelligence fusion and strategic operations (IFSO) unit, Hemant Tiwari, said that the complainant, Ashok Kumar, alleged that some miscreants tricked him into transferring ₹64.75 lakh to five different bank accounts via a demat platform, allegedly fake.

The accused have been identified as Vaddoriya Kewin Mukeshbhai, 25, a BBA student from Gujarat’s Surat and Abdul Barik, 32, from Roorkee.

“During the investigation, it was revealed that the money was then transferred through several accounts to evade detection. Six mobile phones loaded with Chinese applications and online wallets were recovered from their possession. The accused received their commission in cryptocurrency,” Tiwari said.

A case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) has been registered.

“We suspect a broader international nexus behind the scam and are analysing further digital and financial evidence to dismantle the network,” the DCP added.