Noida: Man arrested for investment fraud, ₹24 lakh recovered

In multiple transactions, she invested around ₹32.4 lakh. When she tried to withdraw the money, the fraudsters asked her to invest more to do so, and then she realised that she fell into the trap

Cybercrime branch police arrested a 29-year-old man for allegedly duping a Noida resident of ₹32.4 lakh on the promise of fruitful returns on her investment and on reviewing online websites, said police on Thursday, adding that ₹24 lakh has been recovered so far and returned to the victim.

Police said 21 bank accounts used by suspects were flagged by various state police, including Maharashtra, Tamil Nadu, Kerala, Andhra Pradesh, Bihar, Uttar Pradesh, Himachal Pradesh, and Karnataka, on the National Cyber Crime Report Portal. (Getty Images/iStockphoto/representational image)

According to victim Jyotimayee Barik, a resident of Sector 15 in Noida, in September 2023, she came across a message on Telegram that mentioned an online website reviewing platform for earning a heafty profit.

Police said Barik joined the group and registered on a website provided by the fraudsters. “After joining the group, the woman withdrew a profit of ₹885 without investing a single rupee. Later, she analysed the group for around a fortnight and cross verified the authenticity by contacting people who shared screengrabs of their profit,” said an investigator attached to the case.

“Satisfied with the results of the cross verification, the woman started investing money to earn a huge profit. In multiple transactions, she invested around ₹32.4 lakh. When she tried to withdraw the money, the fraudsters asked her to invest more to do so, and then she realised that she fell into the trap,” said the investigator, asking not to be named.

With the help of electronic surveillance and months of investigation, cyber police arrested the suspect. “The fraudster was identified as Adab Alam, 29, who hails from Moradabad.

During investigation, Alam revealed that he, along with a Delhi-based man Ajay and an unidentified man running the gang, duped people on the pretext of investment,” said Preeti Yadav, additional commissioner of police, cybercrime branch. she said they have managed to return ₹24 lakh to the victim and efforts are underway to recover more.

Police said 21 bank accounts used by suspects were flagged by various state police, including Maharashtra, Tamil Nadu, Kerala, Andhra Pradesh, Bihar, Uttar Pradesh, Himachal Pradesh, and Karnataka, on the National Cyber Crime Report Portal (NCRP). Investigation is underway to check these accounts and nab Alam’s accomplices, said officers.