Five arrested as cyber fraud rackets busted, Rs 24-crore money trail unearthed

“The investigation has revealed a well-organised network of cyber fraudsters operating across several states and using fake investment/stock trading WhatsApp groups, bogus mobile applications, and layered mule bank accounts opened through local agents on commission,” DCP (Crime Branch) Aditya Gautam said.

In the first case, the complainant was allegedly cheated of Rs 31.45 lakh after being lured into a WhatsApp group and persuaded to install a fraudulent investment application named ‘Cventura’ on the mobile phone, leading him to transfer funds into six bank accounts, said Gautam.

After he demanded profits, the group disappeared and the application became non-functional. Following this, a case was registered and transferred to the Crime Branch.

During the probe, the cheated amount was found to be routed through several mule bank accounts to siphon off the funds. Raids were conducted in Ludhiana and Khanna in Punjab, leading to the arrest of Rajiv from Rupnagar and Monu Kumar from Ludhiana.

Gautam said Rajiv was found to be a mule account holder, with around Rs 6.45 lakh from the cyber fraud credited to his account. Transactions exceeding Rs 1 crore were allegedly detected in his account before it was deactivated. Monu, meanwhile, allegedly acted as a facilitator, luring people to open bank accounts and selling them to cyber fraudsters in return for commission, he added.

In the second case, the complainant joined a WhatsApp group named ‘VIP 10 Stock Sharing Group’ in July and was induced to invest through another fake application called ‘Verger’, police said.

The victim transferred Rs 47.15 lakh through multiple transactions into nine bank accounts before the group and application were abruptly shut down.

Raids were conducted at Hisar and Panchkula in Haryana, leading to the arrest of Mohit, who allegedly opened a bank account in his wife’s name and handed over the account details to his associate. “Transactions of around Rs 3 crore were conducted through his account within 12 days,” Gautam said.

Further investigation led to the arrest of Balwan from Churu in Rajasthan, who arranged accounts on commission, and Rajbir Singh, through whose account transactions of around Rs 20 crore were conducted within three days, said police.

Several mobile phones, SIM cards, ATM cards, cheque books and bank documents have been seized, and efforts are underway to trace the end beneficiaries, identify more victims and arrest absconding accused, police said.