FPJ Cyber Secure: Labourer's Arrest In ₹3 Crore Scam Exposes Dubai Global Fraud Network

The arrest of a labourer from Vasai in the Rs3.7 crore stock trading scam has exposed a pan-India cyber fraud network, with its tentacles rooted in Dubai. The accused, Bablu Thakur, is just a pawn in the multi-layered digital crime, whose account was used to park funds fleeced from 'investors'.

Details of scam

The intricate scam, with global links unravelled when a prominent industrialist from Nashik lost Rs3.7 crore to the lure of lucrative returns on stock market investments. On January 12, he received a call from fraudsters who made the enticing offer. Falling prey to the fake scheme, the industrialist made the multi-crore investment between January 12 and February 15. When the promised returns failed to materialise, he filed a complaint with the cyber cell.

The ensuing investigation revealed a sophisticated cyber fraud network operating from Dubai. The mastermind orchestrates the fraud by recruiting individuals, often financially vulnerable, to open bank accounts in their names using both genuine and forged documents. The funds defrauded from victims are then funnelled into these accounts.

Subsequently, the ill-gotten gains are withdrawn by the account holders, who receive a nominal commission for their service. Around Rs20 lakh out of the total amount defrauded from the industrialist was parked in Thakur's account. He was paid Rs20,000 commission. The well-oiled network then transfers the swindled money to Dubai and other countries through cryptocurrencies like Bitcoin.

The Nashik police's cyber cell suspect funds of several 'investors' have been transferred and withdrawn across more than 100 bank accounts in various states. Thakur has been remanded to police custody till March 2, while the police are pursuing leads to identify those who contacted him and managed the flow of money.