Delhi Police busts ₹1.56 crore online investment fraud racket, two arrested from UP

Delhi Police busts ₹1.56 crore online investment fraud racket, two arrested from UP

New Delhi, The Delhi Police has arrested two men and busted an online investment fraud racket linked to frauds worth around ₹1.56 crore, officials said on Monday.

Delhi Police busts ₹1.56 crore online investment fraud racket, two arrested from UP

Police said that the accused were using mule bank accounts to siphon off money cheated from victims.

The accused have been identified as Mohammad Sadik and Javed Ansari , both residents of Uttar Pradesh.

According to the police, the arrests were made during the investigation of a cyber fraud case registered in Shahdara after a Delhi woman was allegedly duped of ₹21 lakh in an online investment scam.

"The case was registered on April 9 following a complaint by the resident of GTB Enclave," an officer said.

The police said the woman had come across an online advertisement related to stock market investments on social media. After clicking on the link, she was added to a group where fraudsters posed as investment experts and promised high returns on investments.

Believing the claims, the complainant invested a total of ₹21 lakh over a period of time. However, when she sought returns on her investment and requested withdrawal of funds, the accused stopped responding and eventually blocked her.

During the investigation, a team carried out technical analysis and financial tracking to identify the bank accounts used in the fraud.

"Police conducted raids in Amroha and Moradabad, leading to the arrest of the two accused. Preliminary investigation revealed that the accused were knowingly facilitating cyber fraud operations by providing and operating bank accounts used to receive and transfer proceeds of crime," the officer added.

They allegedly remained in contact with their associates and allowed the accounts to be used for routing money obtained through online investment scams and other cyber frauds.

Investigators have found links to a wider cyber fraud network operating across multiple states and are working to identify other members of the syndicate.

"We have also noticed transactions worth ₹1.56 crore in the bank accounts. Further efforts are also underway to trace the complete money trail," the officer said.

This article was generated from an automated news agency feed without modifications to text.