In a major breakthrough, the Cyber Crime Police have arrested a 50-year-old man from Madhya Pradesh in connection with an online stock market scam that defrauded a Ponda-based resident of Rs2.44 crore.
Superintendent of Police (Cyber Crime) Rahul Gupta identified the accused as Neeraj Raiz, who was instrumental in managing mule bank accounts used to route the stolen funds. Investigators discovered that Raiz was directly involved in channeling Rs3 lakh of the defrauded amount and that his account is linked to over 40 similar fraud cases reported across India.
The fraud occurred between November 25, 2024, and January 7, 2025, when the victim was contacted on Facebook and WhatsApp by individuals posing as stock trading experts. Lured by promises of high returns, the victim made multiple investments, all of which turned out to be part of a well-orchestrated scam.
Following a detailed financial trail analysis, cyber police traced Raiz to Narsinghpur, Madhya Pradesh, where he was apprehended. During interrogation, Raiz reportedly confessed to managing multiple mule accounts used for circulating fraudulent money and admitted to being part of a wider cybercrime syndicate.
The case has been registered under Sections 318(4), 319(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66-D of the Information Technology Act. Raiz has been remanded to five days of police custody as the investigation continues to uncover the full extent of the cybercriminal network.