The cybercrime police have arrested two men in connection with an online investment fraud worth Rs2.87 crore. The accused have been identified as Raj Kumar Pandey (37) and Dipesh Makuwaana (27), both residents of Madhya Pradesh.
The arrests came following a complaint by Hajeeeran Kaur, a local resident who claimed she was duped by a fake investment platform operating under the names TotalSecurities.net and INX Account. The fraudsters reportedly posed as financial experts and misused the names of regulatory authorities, including the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI), to lure investors into depositing large sums under the guise of UCI and IPO schemes.
The case was registered on January 18 under the BNS, and the investigation was led by SP (Cyber) Geetanjali Khandelwal under the supervision of DSP A Venkatesh and Inspector Eram Rizvi. Investigators found that the accused were operating from Indore, using multiple bank accounts across cities to collect funds from their victims.
During a raid in Naagziri, Ujjain in October, the police arrested both suspects and recovered two mobile phones. One device, a Samsung Galaxy belonging to Pandey, was linked to a Bandhan Bank account used for fraudulent transactions. Preliminary analysis showed that around Rs20 lakh had passed through this account.
Police also revealed that the accused maintained several WhatsApp groups and impersonated financial professionals to target unsuspecting investors. Both Raj Kumar Pandey and Dipesh Makuwaana are currently in custody as authorities continue to probe the extent of the fraud and trace additional victims.
