A husband-wife duo and a company director were arrested in India for their alleged involvement in a stock market investment fraud worth Rs 1.6 crore. The case came to light after a victim reported that he was contacted by a woman via social media, who persuaded him to invest in a seemingly lucrative pre-IPO and foreign trading opportunity on a fake UK-based platform.
Police investigations revealed that the funds were funneled into accounts of two shell entities, including a bogus women empowerment foundation. These entities were reportedly used to launder proceeds from cyber-fraud. A financial trail indicated that Rs 15 lakh went into one company, while Rs 11 lakh was routed to the fake foundation, operated from Thane by Vishal Choure and his wife, according to DCP (Crime) Aditya Gautam.
Authorities said the couple was running the sham women empowerment firm as a front to receive scam money. The operators were linked to 45 NCRP complaints totaling over Rs 22 lakh.
The other shell entity, a fake electronics firm, had 13 linked NCRP complaints involving Rs 88.4 lakh. Its director, Sunil Kumar, established a fake office in Shakarpur and opened a current account, later handing it to associates to layer fraudulent funds.
A coordinated raid across Ballabgarh and Thane led to the arrests of Sunil Kumar, Vishal Choure, and his wife. Police confirmed that the syndicate had been running a pan-India scam, using online investment traps, fake pre-IPO schemes, and fraudulent forex platforms.
