New Delhi, Sep 19
In a major crackdown on cyber-enabled financial fraud, the Cyber Cell of Delhi Police Crime Branch on Friday apprehended two key accused in a multi-crore stock market scam.
The victims were cheated of nearly Rs 6 crore through fake IPO funding and stock market schemes. The two accused named Kulwant Singh and Devender Singh were arrested by the cyber cell for acting as “account holders” for organised cyber fraud syndicates.
They provided victims’ bank accounts to interstate cyber syndicates, enabling diversion and laundering of victims’ funds through multiple channels.
The syndicates lured the investors with false promises of IPO funding and high-return stock market schemes.