The Indore Crime Branch has busted an online investment fraud gang, arresting a security guard from Telangana in connection with a scam that defrauded a city resident of Rs 8 lakh.
The victim, Alok Bhargava, was lured through a WhatsApp group offering “expert” market tips and was convinced to download a counterfeit stock trading application that masqueraded as a legitimate platform from a reputed investment firm. After transferring Rs 8 lakh, Bhargava was unable to access the app, and the scammers disappeared.
Investigation revealed that the stolen funds were traced to a bank account in Telangana, held by Anantullah Shankar, a security guard from Karimnagar. Transactions totaling Rs 3.5 lakh in his account were suspected to be proceeds from multiple cyber frauds. Authorities have frozen the linked accounts and are interrogating Shankar.
In a related development, the crime branch also arrested Paramdeep Singh, the prime suspect in a separate scam targeting retired officers and employees. Singh, along with his accomplice Mamta Tanwar, posed as bank officials, promising senior citizens lucrative insurance policies. Victims paid substantial sums but never received the policies.
Police seized mobile phones, bank passbooks, and forged documents from Singh during the investigation. Officials are probing whether both fraud operations were connected to a larger cybercrime network.
