Man arrested for Rs 27 lakh online stock trading scam by Delhi police

New Delhi, Aug 31 (PTI) Delhi Police has arrested a cyber criminal from Pune who allegedly played a key role in a stock trading scam that duped a senior citizen of Rs 27 lakh, an official said on Sunday.

The accused, identified as Rishi Randir Singh, a resident of Indira Nagar in Pune, was arrested from Karol Bagh, Delhi, after it was found that Rs 8 lakh of the complainant's money was transferred to his bank account.

According to the police, the complainant was first contacted through social media by the people involved in the racket. He was asked to install fake trading applications and was later added to a fraudulent investment tips group.

"The victim was induced to invest under the pretext of IPO funding and high-profit withdrawals. Once he invested heavily, the fraudsters used intimidation and threats to extort more money," the officer said.

The fraud was carried out through different payment modes and was transferred to multiple personal accounts, including one operated by Singh, police said.

During interrogation, Singh disclosed that he is an electrician by profession and had studied up to Class 8. He came in contact with two people who offered him Rs 30,000 per month in exchange for opening a current account and handing over its credentials.

The account was later used to channel funds from victims, police added.

Authorities are continuing investigations to trace the other members of the racket and identify other victims who may have been defrauded similarly. PTI BM SMV RT RT RT