Indore News: Trader Arrest For Stock Scam, Brother In Custody In Digital Arrest Case

Indore (Madhya Pradesh): The State Cyber Cell has arrested a grocery trader from Rajgarh for cheating a private company employee of around Rs 22 lakh in the name of stock market investment, an officer said on Wednesday. His elder brother, a property dealer, was also arrested by the Chandigarh Cyber Cell in connection with an online fraud a few months ago.

SP (Cyber Cell) Sabyasachi Saraf said the accused has been identified as Ayush Gupta, a resident of Jirapur in Rajgarh district. The complainant works as an HR manager in a private company in the South Tukoganj area of the city.

Gupta contacted him after viewing his LinkedIn profile and claimed to be associated with a company. He convinced the complainant to invest in the stock market by promising a 200% return. The victim was sent a link to download a mobile stock trading application and asked to register.

Believing the promise of high returns, the complainant transferred approximately Rs 22 lakh from three different bank accounts to the accused's account. When he later tried to withdraw the profit, he was asked to pay an additional 20% tax, which raised suspicion.

A team led by Inspector Anju Patel was formed to investigate the case. Based on technical analysis, the team identified Gupta and arrested him from his village in Rajgarh district. During questioning, he allegedly confessed to the crime. He was produced before a court and sent to judicial custody.

Inspector Anju Patel said the investigation revealed that Gupta and his elder brother, Ankit Gupta, used fake firms to open bank accounts in different states. They rented houses at multiple locations and updated addresses on Aadhaar cards to create fake documents for these firms. So far, details of 18 bank accounts linked to the accused have been found, involving transactions worth crores of rupees.

The accused opened current accounts in the name of fake firms by posing as a director and then handed them over to his elder brother. The brother has already been arrested by the Chandigarh Cyber Police in another case related to digital arrest . Further investigation is under way.

Key Takeaways

The Bait: A promise of 200% returns on stock market investments via a LinkedIn contact.

The Red Flag: The victim was asked to pay an additional 20% tax to withdraw profits.

The Modus Operandi: Using fake firms and rented houses to create fraudulent bank accounts.

The Scope: Police have identified 18 bank accounts with transactions worth crores.