The Uttar Pradesh Police’s Cybercrime Unit has arrested two individuals, Rishabh Mishra and Dheeraj Porwal, in connection with a fraudulent scheme that swindled a victim out of Rs 48.5 lakh under the guise of share market trading. The arrests were made near an under-construction flyover in Aghapur, Noida Sector-41.
The incident came to light on April 16 when the victim reported the loss to the Cybercrime Police Station in Sector 36, alleging they had fallen prey to a share trading scam. An FIR was filed against the accused on charges of cheating, forgery, and criminal conspiracy, according to a police spokesperson.
In a breakthrough, the Cybercrime Police arrested Mishra, a private bank employee, on June 19. Mishra is accused of opening bank accounts for fictitious firms, while Porwal, who posed as a business owner, was apprehended alongside him. Both were involved in running a fake trading platform that duped unsuspecting victims.
The modus operandi of the accused involved setting up a fraudulent share trading platform and transferring ill-gotten gains into accounts linked to fake firms. Porwal rented a shop in New Ashok Nagar, Delhi, under the name “Porwal Traders,” using it to establish multiple fake businesses. With this setup, they created bogus banners and stamps, opening several bank accounts into which funds from the scam were funneled.
In the course of the investigation, police have seized a mobile phone used in the commission of the crime and frozen Rs3.25 lakh in various bank accounts linked to the fraud.