Delhi Police’s Crime Branch has arrested Rishi Randir Singh, a Pune resident, for his role in a Rs27-lakh stock market scam that targeted senior citizens through fake investment schemes.
The fraud came to light after a senior citizen filed a complaint, claiming he lost Rs27 lakh after being lured into investing in fraudulent pre-launch IPO schemes. The victim was initially contacted via Facebook, later added to a WhatsApp group, and urged to invest using fake trading apps promising high returns.
“Funds were transferred through IMPS, NEFT, and UPI to various accounts. When the victim tried to withdraw profits, the fraudsters used threats to extort even more money,” said DCP (Crime) Aditya Gautam.
The police traced Rs8 lakh of the siphoned funds to Singh’s bank account. He was arrested in Karol Bagh, Delhi.
During questioning, Singh, an 8th-grade pass electrician, admitted that he had been recruited by two individuals who promised him Rs30,000 per month in exchange for his bank account access. He provided them with full control of his account, enabling them to run the scam smoothly.
Police are now working to identify the remaining members of the scam network and expand the investigation.
