Punjab Police Busts Inter-State Gang Involved in Investment Fraud

Strategic Insights -

The Punjab Police's State Cyber Crime Division has claimed to have arrested a person each from Panchkula and Abohar, and busted an inter-state gang involved in investment fraud. The gang, operating through Telegram and WhatsApp groups, lured innocent people into investing in a fake stock market application that promised high profits. The victims were convinced to install the fake APK application, which showed a huge return on investment, prompting them to continue investing in different bank accounts as directed by the fraudsters.

Key Takeaways:

  • The gang used a modus operandi to lure innocent people into investing in a fake stock market application through Telegram and WhatsApp groups.
  • The victims were convinced to install a fake APK application that projected a huge return on investment, prompting them to continue investing in different bank accounts.
  • The arrested accused were identified as Varun Kumar from Panchkula and Sahil Sethi from Abohar.
  • Investigations revealed that Varun Kumar rented his bank account to Sahil Sethi on a commission basis, who procured mule accounts for cyber financial frauds and delivered them to various locations in the NCR region.
  • The kingpins gave commission to the arrested accused persons based on the fraudulent amount transferred in these bank accounts (mule accounts).
  • Preliminary investigations revealed that the arrested accused were involved in 34 other cyber fraud complaints spread across 14 states, with a total scam amount exceeding ₹8 crore.
  • The investigation is ongoing to uncover the virtual mobile numbers and the broader network behind these fraudulent activities.
  • A cybercrime team under the supervision of Inspector Jujhar Singh conducted a thorough investigation after a complaint from a victim who was duped of ₹15 lakh.

Statistics:

  • ₹8 crore: The total scam amount exceeding the scam amounts in 34 cyber fraud complaints spread across 14 states.
  • 14 states: The number of states across which the arrested accused were involved in 34 other cyber fraud complaints.
  • 34: The number of cyber fraud complaints involving the arrested accused across 14 states.
  • ₹15 lakh: The amount duped from a victim who lodged a complaint.
  • ₹8 crore: The total scam amount exceeding the scam amounts in 34 cyber fraud complaints.

Sources:

  • Chandigarh Times News Network, "Punjab Police Busts Inter-State Gang Involved in Investment Fraud".
  • Punjab Police, State Cyber Crime Division, "Press Release: Arrest of an Inter-State Gang Involved in Investment Fraud".