Daijiworld Media Network – Chandigarh

Chandigarh, Jun 17: In a major breakthrough, the cybercrime division of Punjab Police has busted an inter-state cyber fraud gang involved in fake stock market investment scams, arresting two accused Varun Kumar from Panchkula (Haryana) and Sahil Sethi from Abohar (Punjab).

Director general of police Gaurav Yadav said the gang lured unsuspecting victims via Telegram and WhatsApp groups, promising high returns on stock market investments. Victims were then tricked into installing a fake mobile application, which falsely displayed increasing profits on their investments, prompting them to continue transferring funds to various accounts as directed by the fraudsters.

The gang offered commissions to the accused based on the amount of money routed through their bank accounts. Preliminary investigations reveal that the accused duo is linked to 34 cyber fraud complaints across 14 states, with the scam amount exceeding Rs 8 cr.

DGP Yadav added that a larger investigation is underway to track the virtual mobile numbers and other members of the racket operating across state lines.

Sharing further details, Additional director general of police (Cyber Crime) V Neeraja said the arrests were made following a complaint by a victim who lost Rs 15 lac. The case was cracked by a team led by Inspector Jujhar Singh, using multiple OSINT techniques and support from the Indian Cyber Crime Coordination Centre’s Samanvay portal.

The ADGP confirmed that efforts are ongoing to trace fake bank accounts and virtual phone numbers, many of which are suspected to be linked to Delhi and the NCR region.

Police have urged the public to remain cautious and avoid investment offers through unverified apps or social media groups.