Woman lured into share-trading with fake documents, loses over Rs 5 lakh; police arrest ex-bank manager, 4 others

The accused have been identified as Chinta Manoj Kumar, 38, a former HDFC Bank manager from Guntur; Gurvinder and Ravi from Jind, Haryana; Rohit Kumar from Hisar, Haryana; and Akshay from Una, Himachal Pradesh.

Police said they duped the complainant by luring her into share-trading investments with promises of high profits using fake Securities and Exchange Board of India (SEBI)-registered company documents. The accused also provided mule bank accounts to cyber fraudsters, according to the police.

Speaking to The Indian Express, Inspector Sandeep, who led the operation, said, “We are investigating their role in cyberfrauds in other states as well.”

Sandeep said it took time to nab the accused as they would frequently change their base of operation to evade authorities. “He (Manoj) had hired the other accused through a social media site,” added the inspector.

Police said Manoj had quit his bank job early in 2024, citing work pressure. All the accused were sent to judicial custody on Wednesday.

The police said they recovered seven mobile phones, two laptops, and two current account kits with a daily transaction limit of Rs 5 crore from the accused.

Police said investigations revealed that Rs 4.4 lakh of the defrauded amount was transferred to a current account purchased by Manoj from an accomplice for Rs 80,000. The accomplice, Vikas, has also been arrested. Vikas had given Rs 40,000 to the account holder in lieu of allowing him to use his account as a mule, said the police.

Manoj allegedly passed his account to Rohit for a 3 per cent commission. Rohit then handed it to Gurvinder and Ravi, who further transferred it to Akshay for a commission, the police said. Akshay, connected to the alleged cyber fraudsters via WhatsApp and Telegram, allegedly facilitated the account’s use in the fraud.

The investigation in the case is ongoing, with 14 arrests made so far.

Bankers, chartered accountants aiding financial frauds: police

Meanwhile, the Gurgaon police, over the last year and a half, have arrested 34 former bank employees involved in similar cyber frauds, Dewan said.

“It is seen that professionals like bankers, chartered accountants, and other financial services experts are both aiding and abetting such offences by facilitating the creation and use of mule accounts. These accounts are being opened in large volumes and have fake directors and proprietors listed. They give technical and other (logistical) assistance in routing and re-routing the proceeds of the crime (duped amount). We are taking the strictest of legal action against all the perpetrators that have come to light so far,” said Priyanshu Dewan, Assistant Commissioner of Police (cybercrime).

Dewan said the police will communicate with senior executives of both public and private sector banks, as well as correspond with institutions like SEBI, to highlight the misuse of their names.

“It will be an eye-opener for them also,” he said.