Uttar Pradesh Special Task Force (STF) arrested Vivek Kumar Singh, 37, key accused wanted in a cyber fraud case registered at the cyber crime police station in Lucknow on a complaint by one Apoorva Rai.
The accused was arrested from the Rajpur area of Dehradun, Uttarakhand. He was allegedly part of a network that lured investors with promises of high returns through stock market trading and IPO investments.
Deputy SP, STF, Sudhanshu Shekhar said the accused and his aides allegedly posted fake advertisements on Instagram offering stock market analysis training. Those who responded were added to WhatsApp groups, including one identified as “VIP9-6 ACI Exclusive Guidance Group”, where they were allegedly given purported training on stock trading and IPO investments.
The operators allegedly shared fake profit screenshots in these groups to convince members that substantial returns could be made through stock market investments. Investors were then promised high profits from buying and selling shares and IPOs and were directed to download the ACI Century App through a link and create investment accounts.
The STF said investors were subsequently asked to transfer money into different bank accounts. The amounts were allegedly reflected on their app dashboards as investments and profits, although the figures displayed were fake. This allegedly induced victims to deposit larger amounts.
{{/usCountry}}The STF said investors were subsequently asked to transfer money into different bank accounts. The amounts were allegedly reflected on their app dashboards as investments and profits, although the figures displayed were fake. This allegedly induced victims to deposit larger amounts.
{{/usCountry}}According to the STF, the funds were moved through several layers, converted into USDT cryptocurrency and allegedly sent to associates based in Dubai. It said several other accused linked to the network had already been arrested.