A cyber investment scam worth ₹500cr has been busted
What's the story
A massive cyber investment fraud, with possible international connections, has been busted by the police. The operation led to the arrest of 12 people from six different states. The accused were allegedly running a nationwide scheme through WhatsApp groups. Working with the Ministry of Telecommunications, Aligarh's cyber crime cell discovered nearly 600 such groups used for defrauding investors across India.
Prevention efforts
Fraud could have impacted over 1.5L people
The police said their timely action averted an estimated fraud of around ₹500 crore that could have impacted over 1.5 lakh people across the country. The case first came to light when Dinesh Sharma, a retired deputy general manager of Punjab National Bank, reported being cheated of more than ₹11 lakh through a WhatsApp-based investment scheme on January 31.
Scam details
How the fraud was executed
Sharma was promised returns of up to 40% per week and lured into investing ₹5,000 as a trial amount on December 16 last year. After receiving returns, he was convinced to invest more and even given an option to invest ₹1 crore. When he refused due to a lack of funds, the fraudsters allegedly siphoned off ₹11 lakh from him.
Case resolution
Police seek help from CBI, Interpol
Following Sharma's complaint, the cyber crime cell recovered ₹5.64 lakh for him and uncovered a larger fraud operation. The police contacted over 500 members of the WhatsApp groups across India and warned them about the suspected fraud, preventing major losses. Now, they are seeking help from CBI and Interpol to locate the alleged masterminds operating from different countries.