NEW DELHI: The Cyber Cell of the Delhi Police has arrested a cyber fraudster for a fraud in the name of investment in IPO.
The police were informed about the fraud through a complaint registered at the Cyber Police Station West.
The accused has been identified as Vishnu Kant Sharma (24) son of Ram Bhagat Sharma resident of Man Sarovar, Sanganer, Jaipur, Rajasthan.
According to the police, they have arrested one of the key masterminds, Vishnu Kant Sharma, who was operating the bank accounts used to siphon off the defrauded funds and launder them through daily cryptocurrency transactions.
The complainant was lured into a WhatsApp group titled “Yes Securities,” where members posed as financial advisors promising high returns from IPO investments.
He was then redirected to a counterfeit website mimicking legitimate IPO platforms. Convinced by false assurances of guaranteed allocations at discounted rates, the victim deposited large sums into various accounts controlled by the fraudsters.
Following the registration of an FIR, a probe was launched by the Cyber West Police Station.
Investigators tracked the flow of funds through multiple bank accounts and used technical surveillance to zero in on the suspect. The trail led them to Sanganer, Jaipur.
A team led by SI Amit Malik, along with HC Sunil and CT Bhupender, under the supervision of SHO Vikas Kumar Buldak and ACP Operations, West District, conducted a raid at Ghar Angan Society, Mansarovar, Jaipur.
The accused, Vishnu Kant Sharma, was apprehended and confessed to his involvement during interrogation. Incriminating evidence was also recovered from his possession.
The accused Sharma, a native of Bikaner, moved to Jaipur in 2018 for studies and government exam preparations.
Initially dealing in furniture sales via OLX, he later shifted to cybercrime, supplying mule accounts and conducting daily USDT cryptocurrency transactions.
He earned commissions by sourcing and distributing these accounts, converting the laundered money into digital assets.