Faridabad man duped of ₹1.6 cr, 7 arrested

The suspects allegedly lured their victims to invest money through a trading app to get ’high returns’

Updated on: Jun 19, 2024, 07:52:10 IST

By Leena Dhankhar

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The Faridabad police have arrested seven cyber fraudsters who allegedly impersonated stock market experts and cheated a 70-year-old man of ₹1.6 crore over a period of a little over one month, officers aware of the matter said on Tuesday.

The victim said he was added to a WhatsApp group where he received online tutorials on investing in stocks for high returns. (Representational image)

The officers said that the fraudsters have associates based in Dubai, to whom they would transfer the money they cheated, adding that they have only recovered ₹44,000 from the suspects. The suspects allegedly lured their victims to invest money through a trading app to get “high returns”, police said.

Deputy commissioner of police (cyber) Jasleen Kaur said the case came to light on June 5, when they received a complaint from a resident of Sector 21C. “The victim was a retired man who first received a call from these scamsters on March 15. They introduced themselves as experts and assured him a return of ₹14.50 crore. The victim then transferred his money between April 12 and May 22 into seven accounts,” she said.

The victim said he was added to a WhatsApp group where he received online tutorials on investing in stocks for high returns. He said he was given tips and was allegedly persuaded to invest in multiple companies, and ended up investing ₹1.60 crore.

Kaur said the victim realised that he had been duped when the suspects started pressurising him to invest more money. He then filed a complaint with the police, and a case of fraud was registered at the NIT cybercrime police station in Faridabad and the mobile numbers of the suspects were set on surveillance.

Police said their investigation revealed that the suspects would open temporary offices in a city to secure bank accounts there. Once the accounts were opened, they would abandon the office and move to another location to repeat the process.

DCP Kaur said they formed teams and identified callers in different areas of Delhi, and then arrested the suspects, identified as Sachiv Singh, Ashutosh Singh, Johar, Narendra Kumar, Vinod Kumar, Anil Kumar, and his wife (police did not reveal her name). All the suspects are residents of various areas in Delhi.

“On June 13, we arrested a woman and a man for their involvement in the case. During questioning, they revealed a lot of information that led to the arrest of the other five,” the DCP said.

Police said the arrested suspects have been presented in court and sent to jail. The investigation is ongoing, and further arrests are expected soon, they said.

ABOUT THE AUTHOR
Leena Dhankhar
Leena Dhankhar is Senior Editor and Bureau Chief, Gurugram, at Hindustan Times, where she has spent over 17 years chronicling the transformation of one of India's fastest-growing urban regions. From starting her career as a crime reporter to leading the Gurugram bureau, her journalism has been defined by investigative reporting, in-depth storytelling and an unwavering focus on public interest. Over nearly two decades, she has reported extensively across crime, politics, civic governance, elections, real estate, environment, courts, sports, education and entertainment, covering Gurugram, Faridabad, Nuh and Palwal. Her reporting has exposed several major scams and systemic failures, including insurance frauds, waste management irregularities, illegal arms manufacturing units in Nuh, illegal mining in the Aravallis, organised crime networks and governance lapses affecting millions of residents. Known for her investigative work and exclusive stories, Leena has reported on high-impact national issues, including the Nicaragua charter flight carrying Indian migrants that was turned back amid allegations of human trafficking, exposing the growing network of illegal immigration rackets. Her work has also focused on gang wars, prison administration, juvenile crime, women and child protection systems, the functioning of the Juvenile Justice Board and Child Welfare Committee, and environmental challenges such as pollution, waterlogging and deteriorating civic infrastructure. Beyond hard news, Leena has extensively documented Haryana's rich heritage, forests and wildlife, bringing attention to the state's historical landmarks, biodiversity, conservation efforts and ecological challenges through immersive reportage and feature writing. Her journalism has consistently gone beyond breaking news. She has documented Gurugram's rapid urbanisation through long-form narratives and enterprise reporting on issues ranging from pothole-ridden roads, flooding and waste management to the changing social fabric of India's Millennium City. She also writes widely read feature columns, including The Outsider, Changemaker, and Concern for Gurugram, profiling people, places and ideas shaping the city's identity. Leena is the author of Gurugram School Murder, published by Juggernaut Books, a deeply reported account of one of India's most high-profile school murder investigations. She is currently working on her second book, an investigative work exploring some of India's most significant scams and fraud investigations. Beyond print journalism, she has expanded her storytelling through public speaking and digital media. She is a TEDx speaker and has produced podcasts exploring Gurugram's transformation, civic challenges and untold stories. Her work reflects a commitment to narrative journalism that combines rigorous reporting with compelling storytelling. A law graduate with an MBA in Human Resources, Leena brings a multidisciplinary perspective to her reporting, particularly on governance, public policy and legal affairs. She has travelled extensively across India to pursue investigative assignments, often reporting from remote locations and conflict-prone areas in search of stories that matter.Read More