A 19-year-old from Indore was arrested by the cyber police on Thursday for allegedly defrauding a man of Rs14.7 lakh by transferring his shares into the accused’s father’s account. The accused, identified as Ayush Singh, was reported to have gained the victim’s trust by offering fake investment advice.
The victim, a 30-year-old from Bonai in Sundargarh district, had lodged a complaint with the cyber police station on September 11. According to the complaint, the victim had been in regular contact with Singh, who claimed to have worked with a brokerage firm. Singh initially built rapport with the victim by providing investment tips, assuring him of high returns and low brokerage fees through a particular app.
Trusting Singh’s advice, the victim invested a total of Rs1 lakh through the app. However, over time, Singh continued to persuade the victim to increase his investments. Eventually, Singh allegedly transferred the victim’s shares, worth Rs14.7 lakh, into his father’s account without the victim’s consent.
Upon investigation, the cyber police traced the fraudulent transactions and arrested the accused. Singh now faces charges of cyber fraud and financial theft. The police have also initiated efforts to recover the stolen assets and are investigating the role of others, if any, involved in the scam.