Delhi Man Duped of Rs 32 Lakh: In a statement on Wednesday, Delhi Police said two online fraudsters had been arrested for allegedly duping a man of Rs 32 lakh by promising huge returns if he invested in the stock market.
During various transactions last October, Arvind Sood, a resident of south west Delhi, lost over Rs 32 lakh after falling into the trap of the arrested men – Dharmik Modi, 29, and Arunji Thakur, 22.
They were part of a large network of investment fraud, according to police.
Cyber Crime unit of the police department determined that the fraudulent transactions were conducted through UPI, with amounts ranging from Rs 20,000 to Rs 7.6 lakh routed to different bank accounts.
In an effort to make their victims feel secure in the ‘share market investments’, the fraudsters would send back some money as profits to their victims.
He said that if the ‘investors’ wanted to withdraw the money, the scammers would convince them to invest more money instead of withdrawing to make more money.
According to the police, Sood was convinced to send them Rs 5 lakh to invest in the stock market so he could earn crores of rupees quickly.
In his complaint, Sood detailed how he was directed to various ‘share market brokers’, including the two men.
“All of them would make similar promises to Sood about helping him to make a quick buck and increase his wealth. At one point, he also received around Rs 4 lakh as profit, before being redirected to more “experts” who made further offers of attractive returns,” said an officer.
Using call record details and technical surveillance, police tracked Dharmik Modi to Gujarat. His arrest and interrogation led to Arunji Thakur’s arrest.
Investigators said Modi confessed to receiving the funds in exchange for a commission with his accomplice during interrogation.
Both men have been charged with cheating by the police.
Also Read: Delhi man kills 52-yr-old wife, dumps body in bathroom
