The Hyderabad Cyber Crime Police have arrested Lalit Kumar Jayswal (33) of Ahmedabad, Gujarat, for his involvement in a major stock-trading fraud. Jayswal, who has been linked to 16 fraud cases across India, was apprehended after his involvement in three cases in Telangana was uncovered.
His fraudulent activities spanned multiple states, including Tamil Nadu, Maharashtra, West Bengal, Jharkhand, Kerala, Karnataka, Punjab, Delhi, and Telangana. The police seized several items from Jayswal, including cell phones, a laptop, debit cards, and cheque books.
The scam operated by Jayswal lured victims through promises of substantial profits. One such victim opened an equity trading account after being promised 10X profits and discounted stock prices. The scammer used two websites to manage the victim’s account. After the victim transferred Rs 6.2 lakh, they were pressured to invest additional funds. When the victim refused, the fraudsters threatened to withhold the investment, blacklist them, and block access to the trading channel.
The police are continuing their investigation to identify other victims and expand their probe into Jayswal’s fraudulent network.
