Two men were arrested for allegedly providing their bank accounts to an organised cybercrime syndicate involved in a multi-crore stock market scam, police confirmed on Friday.
The accused have been identified as:
Kulwant Singh – resident of Bijnor, Uttar Pradesh
Devender Singh – resident of Udham Singh Nagar, Uttarakhand
According to police, the syndicate lured investors with false promises of IPO funding and high-return stock investments, defrauding victims of nearly Rs6 crore.
A portion of the fraudulent transactions — around Rs20 lakh — was routed through bank accounts opened in the name of an NGO/trust, which were provided by the two arrested men. These accounts were set up specifically to facilitate the scam and have now been linked to 10 separate complaints filed on the National Cybercrime Reporting Portal.
Deputy Commissioner of Police (Crime) Aditya Gautam explained that victims were contacted via WhatsApp and social media platforms, and convinced to download fake trading applications.
“Investors were added to manipulated online groups and persuaded to invest. When they requested withdrawals, the fraudsters used deceit and coercion to deny them,” said DCP Gautam.
Authorities are continuing their investigation to track down other members of the syndicate and recover the stolen funds.
