UT cyber police cracks `3.66-crore online share market fraud, arrests accused from Tihar Jail

He was brought on a production warrant with the court’s permission.

The case registered on May 23, 2024, at the cybercrime police station in Chandigarh pertains to a complaint by Surinder Kumar Thakur, a resident of Sector 49, Chandigarh.

Thakur reported that he was misled into investing in a fraudulent stock market app that claimed to be operating under professionals from the reputed SMC Global Securities Limited.

Thakur told the police that he joined a WhatsApp group titled ‘P15 Stock Market Exchange Club’ in December 2023, where members posing as employees and market analysts provided enticing stock tips.

They gradually built trust by predicting accurate stock movements before convincing him to open a so-called “institutional account” through a fake app named SMCLE, as per the complaint.

Over a period from February 16 to March 25, 2024, Thakur allegedly transferred Rs 3.66 crore to multiple bank accounts under instructions, believing he was investing in high-return “upper circuit” stocks.

However, he alleged he could not access or withdraw funds from the institutional account managed entirely by the accused.

Following the complaint, Chandigarh Police initially arrested five people from Jodhpur in Rajasthan.

The police said that during interrogation, it was revealed that Chander Mohan Singh was also involved in two other fraud cases registered in Delhi and Faridabad. The investigation is ongoing, and the police are working to trace his accomplices and recover the defrauded amount.