New Delhi, Nov 23 (IANS) In a significant strike against cyber-enabled financial crime, the Cyber Cell of the Crime Branch, Delhi Police, has arrested two alleged facilitators of a sprawling Rs 2.35 crore online investment scam that operated under the name “Stock Market”, the Delhi Police said on Sunday.
The arrested accused have been identified as Sajjad Ahmad (35) and Uttam Mandal (40).
The arrests follow months of technical tracking, financial analysis and cross-state coordination in a case registered under FIR No. 50/2025 at Special Cell, Delhi.
“The accused acted as professional account providers, and facilitators, procuring bank accounts from individuals by promising profit shares and handing over complete banking kits (cheque books, ATM cards, SIM cards and login credentials) to cyber fraud handlers. These accounts were used by interstate syndicates to route cheated money,” the Delhi Police said in its press note.
Officials said the racket lured victims through social media — particularly Facebook — promising high-return investments in Forex and stock-market trading.
Victims were added to fabricated online groups where manipulated dashboards displayed bogus profits. But when they attempted to withdraw funds, they were met with refusals, threats and elaborate deception.
According to investigators, the duo acted as “professional account providers”, procuring bank accounts from individuals by offering them a cut in profits.
They allegedly collected complete banking kits — cheque books, ATM cards, SIM cards and login credentials — and handed them to cyber-fraud handlers who operated the scam from multiple locations across India.
One current account, opened in the name M/s Chand Electronic emerged as a central funnel for routing cheated money. Around Rs 20 lakh has so far been traced through multiple layers of mule accounts, police said.
Interrogation revealed that the accused routinely supplied accounts to interstate cyber-crime syndicates and were aware that the channels were being used to receive and circulate fraudulent proceeds.
“Further investigation is underway to dismantle the entire network behind the ‘Stock Market’ fraud scheme,” said DCP Aditya Gautam.
–IANS
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