multi-crore stock market fraud by laundering money for cyber fraud syndicates. The two were accused of providing their bank accounts, which were used to funnel fraudulent funds gained through fake investment schemes.
According to Deputy Commissioner of Police (Crime Branch) Aditya Gautam, the syndicate duped victims by luring them with false promises of IPO funding and high-return stock investments. Unsuspecting investors were induced to transfer money into accounts controlled by the scammers.
“Nearly Rs6 crore was siphoned off through this modus operandi,” said DCP Gautam.
During the investigation, a Rs20 lakh transfer was traced to an account linked to an NGO, which was later found to be fake. This account was connected to at least 10 complaints on the National Cybercrime Reporting Portal (NCRP).
Police revealed that the accused had registered a trust in the name of an NGO to open current accounts, which they then handed over to handlers of the cyber fraud operation. These accounts were used to receive and reroute fraud proceeds while concealing the real perpetrators.
Kulwant and Devender were paid ₹30,000 per month, plus 5% commission on every transaction. They handed over cheque books, ATM cards, SIM cards, and internet banking credentials to the fraud syndicate.
The modulus operandi involved:
Contacting victims via social media platforms
Luring them into downloading fake trading apps
Adding them to manipulated online groups to push further investments
Using deceit and threats when victims tried to withdraw money
The funds were layered through multiple accounts across the country to mask their origin. The accused confessed to being professional account providers for cybercrime networks and played a central role in moving money while shielding the actual masterminds.
Police are now working to identify the handlers and recover the remaining siphoned amount. Further investigation is ongoing.
