Delhi Police have arrested two individuals for allegedly swindling a man out of nearly Rs 40 lakh by promising high returns on stock and IPO investments. The accused, identified as Kuldeep Chaudhary (22) and Ranjay Singh (32), were detained after the victim reported the fraud.
According to the victim’s complaint, he was added to a social media group that offered investment advice for stocks and IPOs. The fraudsters convinced him to open an institutional account and transfer money into designated bank accounts. After the victim transferred Rs 39.50 lakh, his access to the account was blocked, and the accused demanded further investments to recover the lost funds.
Deputy Commissioner of Police (Southwest) Surendra Choudhary confirmed that a case was filed under sections 419, 420, and 120B IPC at the Cyber Police Station. The investigation revealed that a portion of the defrauded money was traced to bank accounts linked to the fraudsters. Rs 4 lakh was transferred to a private bank under Flyup Solutions, connected to Ranjay Singh, and another Rs 9.30 lakh was found in an account named Balaji Trading Company.
Kuldeep Chaudhary was arrested on February 10 in Jaipur after police discovered he had opened a bank account in his friend’s name and received a commission of Rs 2 lakh. Ranjay Singh, a clothing store owner from Uttar Pradesh, was arrested on February 24. He admitted to opening a bank account for co-accused Kawraj Singh and receiving a commission of Rs 50,000. Efforts are underway to locate Kawraj.
