Three people arrested for Rs 31 lakh IPO investment fraud in Delhi

Three Arrested in Uttar Pradesh for Cheating Tech Professional of Rs 31 Lakh

Three individuals have been apprehended by the police from Saharanpur, Uttar Pradesh, in connection with a case involving a tech professional being duped of Rs 31 lakh through a scheme promising high returns on initial public offerings (IPOs).

• A multinational technology firm employee was lured into transferring money after being promised high returns through purported IPO investments.
• A syndicate impersonated representatives of a leading investment company and created fake, self-designed websites to lure victims into investing in IPOs.
• The victims were enticed with promises of high returns and coerced into transferring large sums of money.
• Fraudulent online investment portals were created to gain the trust of victims.
• Poor and unemployed youths were recruited to open and operate mule bank accounts, facilitating the laundering of proceeds of crime.

According to Deputy Commissioner of Police (DCP) Crime Branch, Aditya Gautam, the syndicate used fake websites and promised high returns to lure victims into investing in IPOs.

Key findings of the case:

• Impersonation of leading investment company representatives
• Creation of fake, self-designed websites
• Coercion of victims into transferring large sums of money
• Use of mule bank accounts for money laundering

The police have arrested three individuals in connection with the case and are working to recover the stolen funds.