New Delhi, Sep 2 (IANS) An Enforcement Directorate (ED) team, in its clampdown on a cyber investment fraud racket, apprehended four individuals last month, including one from Bengaluru, for inducing novice and prospective investors into the stock market and appropriating their money via fraudulent means.
The four persons apprehended by ED sleuths included Shashi Kumar M, 25, Sachin M, 26, Kiran S.K., 25, and Charan Raj C., 26, in a case related to the cyber investment scam.
The arrests were made last month after a series of searches and raids at multiple locations. The ED team seized various incriminating materials including mobile phones and other digital devices in its raids. So far, it has traced Proceeds of Crime of more than Rs 25 crore in the cyber investment scam.
The modus operandi of these cyber criminals included approaching gullible investors and defrauding their hard-earned money by inducing them to invest in stock markets through fake and fraudulent apps. Their operation was also not limited to any particular state, rather their network spanned multiple zones.
In Haryana’s Faridabad, their victim was an individual who got cheated of Rs 7.59 crore by the scamsters by inducing her to invest in stocks through fake apps. The victim had clicked on a share market investment link while browsing Facebook, after which she was added to a WhatsApp group named ICICI IR Team (57). A businessman in Noida was cheated of Rs 9.09 crore by the scamsters who added him to a WhatsApp group named GFSL Securities official Stock C 80. He was induced to download an App and made to transfer Rs 9.09 crore to various bank accounts provided by customer care of the app.
A doctor in Punjab’s Bhatinda was defrauded of Rs 5.93 crore by inducing him to download a fake App namely GFSL Securities when he was browsing Facebook. The modus operandi of these cyber investment fraudsters remained common – Luring victims via common social media platforms including Facebook, WhatsApp, Telegram and more; adding those interested investors into WhatsApp/Telegram Groups and making them believe their genuineness with fake names; and investors being given links of fake apps to download and install in order to do their investment.
As the apps are named after companies, it gives the impression that they are genuine. Scamsters then induce victims to invest their money in bank accounts of shell companies and fake IPOs. Initially, the investors get good returns and once trust is built, a big chunk of their money is siphoned off to some fictitious entity. They are unable to withdraw money from there and then have to depend on customer care but to no avail.
–IANS
mr/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.