A 30-year-old man from Rohini, Delhi, was arrested on Saturday in connection with a massive stock trading fraud, where he allegedly cheated a Noida resident of nearly Rs1 crore last year. The accused, Utsav Kalra, was apprehended by the Cyber Crime Police after his name surfaced during the investigation into a case filed on March 20, 2024, where scammers defrauded the victim of Rs97.4 lakh in the name of online stock trading.
According to DCP (Cyber) Preeti Yadav, the investigation revealed that Kalra’s name was linked to a bank account that received significant funds. It is believed that this account was part of a larger operation involving criminal gangs based in Dubai, which are suspected of using the account for hawala transactions. Initially, the case was filed under sections 419 (cheating by personation), 420 (cheating), and section 66 of the IT Act. However, as the investigation unfolded, additional charges were added, including sections 467 (forgery), 468 (forgery for cheating), 471 (using forged documents), 120B (criminal conspiracy), and section 66D of the IT Act.
Kalra, alongside accomplices, allegedly opened “mule accounts” and provided access to criminals operating in Dubai in exchange for a commission. These accounts were used to launder the defrauded money. As the investigation continues, Kalra is also linked to multiple cases across the National Capital Region (NCR).
The police have managed to recover over Rs8 lakh, which has been returned to the victim. Kalra’s arrest marks a significant step in the ongoing crackdown on cyber frauds and financial scams in the region.