Cyber ​​Fraud: Fraudsters sitting in Dubai cheated Rs 2.54 crore, three fraudsters arrested

 

Noida Cyber Crime Police have cracked down on a gang involved in a massive investment fraud scheme through an online trading company. The gang successfully swindled crores of rupees from unsuspecting victims, including a retired Director General of CPWD who lost a staggering Rs 2.54 crore in a Forex trading scam. Three members of this international fraud syndicate have been apprehended by the police: Tarun Kashyap, Vijay Sharma from Paschim Vihar, Delhi, and Hemant Singhaniyan from Punjabi Bagh. Authorities are currently conducting a search for other members involved. During the operation, police recovered two mobile phones and 11 SIM cards from the arrested individuals.

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The cyber crime station in-charge reported that the criminals operated by creating a fictitious entity named Delta Enterprises, complete with a website designed to resemble a legitimate trading company called Lexatrade.com. They duped their victims by promising lucrative investment opportunities in Forex trading.

The modus operandi of these fraudsters involved the use of current accounts for their illicit activities. The arrested individuals paid a substantial sum of one lakh rupees to the mastermind while using savings accounts with a balance of Rs 40 thousand. Further investigations revealed that Rs 21 lakh had been transferred to the account of the apprehended Hemant Singhania.

This international fraud operation was conducted through trading accounts that spanned Dubai and Delhi, showcasing the scope and sophistication of the scheme. One of the masterminds behind this criminal network goes by the name of Annie, who was the key contact for the arrested individuals.

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The gang employed a cunning strategy by registering fake firms under the guise of legitimate businesses. They opened current accounts in the names of these fabricated entities, fraudulently obtaining MSME and GST registrations. To further their deception, they rented shops in Rohini, Delhi, under Tarun Kashyap's name, where they displayed the firm's signage. They even went to the extent of taking photographs of bank employees to facilitate the opening of current accounts in the firm's name. Shockingly, each shop hosted a total of 25 registered firms with corresponding current accounts. The ongoing investigation also includes scrutiny of the potential involvement of bank employees in this elaborate scam.

In summary, the Noida Cyber Crime Police have successfully dismantled a large-scale investment fraud operation, underscoring the importance of vigilance and caution when engaging in online investment opportunities.

Source: https://www.the420.in/forex-investment-fraud-running-from-dubai-busted-three-arrested/



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