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2w ago

Indian Cyber Police Crack Down on Investment Scams, Arrest 7 Suspects

Authorities in Mumbai and Delhi dismantle two fraud networks exploiting social media and fake trading apps, with investigations still ongoing.

Following the complaint, police traced the money trail to a Noida-based private bank account and found that forged documents were used to open several bank accounts. (Representational image)

Overview

  • Mumbai police arrested three individuals for orchestrating a ₹68.92 lakh share trading scam that misused Facebook and WhatsApp to defraud victims.
  • One bank account used in the Mumbai scam was fraudulently opened using the identity of a 77-year-old retired Navy officer and linked to over 90 complaints nationwide.
  • Delhi police detained four suspects, including two bank employees, for a ₹16.70 lakh fraud involving a fake trading app named 'QuantsAIS'.
  • The Delhi scam showcased insider facilitation, with bank employees creating shell accounts to launder funds from unsuspecting investors.
  • Investigations are ongoing in both cases to locate additional suspects and identify linked accounts in these coordinated cybercrime operations.