In a significant breakthrough, the Uttar Pradesh Special Task Force (STF) arrested two major players behind a massive financial fraud that defrauded unsuspecting individuals of nearly Rs 70 crore. The accused, Faizan Kumar and Jitendra Singh, were apprehended in the Bheemnagar area of Ghazipur district following a coordinated operation by STF officers.
The scam involved fraudulent “share trading” schemes, where victims were lured with promises of high returns on investments. The accused operated under the guise of a non-existent trading company, coaxing individuals into making substantial investments. Once the money was deposited, it was funneled through mobile applications, making it harder for authorities to track.
The fraud came to light when a series of victims came forward, filing complaints about being misled into investing in fake share trading ventures. Investigators quickly connected the dots and traced the scam’s origins to a sophisticated network operating across Uttar Pradesh, including major cities like Noida and Ghaziabad.
STF officials launched a targeted investigation, using intelligence from local police stations and coordinating arrests. Faizan Kumar and Jitendra Singh, who were key members of the gang, were arrested after an extensive search operation. Their interrogation revealed that they had been operating similar scams under different names to avoid detection.
The success of this operation marks a crucial step in curbing financial fraud in Uttar Pradesh. Authorities have warned residents to remain cautious of such fraudulent schemes and have urged victims to report their losses. With further arrests expected, STF officials are continuing their investigation to dismantle the entire network.
