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Stock market trap busted: Bengaluru police raid fake call centre, 2 arrested for cheating investors across India
The Central Division Cyber Crime Police in Bengaluru also seized phones, laptops, and documents linked to alleged stock market fraud.
The operation was carried out in areas under the jurisdiction of Kadugodi and Varthur police stations in Bengaluru. (Representative Image)
The Central Division Cyber Crime Police in Bengaluru said Tuesday it has cracked a fake stock market investment call centre operating in Jayanagar, and arrested two men for cheating the public by promising high returns on stock market investments.
According to the police, the arrested accused were identified as Kumawat Yogesh Amararam, a resident of 8th Block, Jayanagar, who is from Gujarat, and Imran, a resident of BTM 2nd Stage, Bengaluru, and a resident of Delhi.
The case was lodged at the Cyber Crime Police Station, Central Division, under Section 66(r) (cheating by personation using computer resources) of the Information Technology Act and Section 318(4) (cheating, fraud, or misrepresentation) of the Bharatiya Nyaya Sanhita (BNS).
The police said the accused set up a fake call centre, Multiwave Business Solutions Private Limited, at Anjanadri Avenue, 9th Block, Jayanagar. The police said they recruited around 15 customer care executives from outside the state to operate from the premises.
“The executives contacted unsuspecting members of the public, promising high returns on stock market investments. Victims were persuaded to transfer money to bank accounts provided by the accused. Once the funds were received, the accused switched off their phones and could not be traced,” said a police officer.
During the investigation, the police traced calls received by complainants to BTM Layout, identified the IMEI number of the mobile phone used, and linked the Google email ID to Kumawat Yogesh Amararam. Mobile location analysis led the police to the call centre in Jayanagar, where they conducted a raid and arrested the accused.
The police said they also seized 31 mobile phones, 13 laptops, 16 SIM cards, company letterheads, and sheets with the names and mobile numbers of victims from the premises.
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During interrogation, the accused reportedly admitted to sourcing stock market client data online, arranging bank accounts from other states, and obtaining SIM cards in the names of slum dwellers. The funds were allegedly routed through multiple mule accounts, withdrawn from ATMs, and then divided among the accused.
The police said further investigation to identify additional victims and trace the flow of funds is underway.
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