The Panchkula cyber crime unit has arrested two men, Neeraj and Rajesh from Fatehabad, in connection with a rS1.3 crore investment fraud. The arrests came after a local resident filed a complaint on February 20, claiming he was duped by promises of high returns from initial public offerings (IPOs).
According to the victim, the fraudsters lured him with the prospect of huge profits in a short period. He transferred rS1.3 crore across multiple bank accounts provided by the accused, prompting the registration of a case at the cyber crime police station.
Investigators uncovered a network of “mule accounts” being used to channel the stolen money. Neeraj reportedly sold Rajesh’s bank account, which Rajesh then sold to another individual, ultimately using it to launder the defrauded funds.
The ongoing probe aims to trace the financial trail and identify other members involved in buying and selling bank accounts for cyber crimes.
DCP (Crime and Traffic) Manpreet Singh Sudan stated that the gang specializes in “account rotating,” where multiple accounts are circulated to evade detection. “Our top priorities are recovering the victim’s money and apprehending the remaining gang members,” he said.
