Cyber Cell apprehends three, busts online investment fraud

NEW DELHI: The Cyber Cell of the Delhi Police has arrested three cyber fraudsters for an online stock market investment fraud. The police were alerted about the fraud via a complaint registered on the National Cyber Crime Reporting Portal.

The accused were identified as Jayesh Bhole (29) son of Anil Bhole, Rakesh Jadhav (33) son of Namod Jadhav, and Harshwardhan Bhosale (25) son of Lt Rajesh Bhosale, all the accused were the residents of Bhusawal, Jalgaon, Maharashtra.

According to the police, the arrests were made in response to a complaint filed on July 25, where a victim reported a loss of Rs 36.27 lakh.

The complainant had been lured into investing in a fraudulent scheme under the pretext of earning high returns. After initial investigations, a case was registered at Cyber Police Station South West Delhi.

The police team, led by Inspector Mantosh Kumar and guided by Inspector Vikas Kumar Buldak, conducted raids in Bhusawal, Jalgaon, and Pune, Maharashtra. The accused were identified as Jayesh Bhole, Rakesh Jadhav, and Harshwardhan Bhosale. The operation culminated in the recovery of three smartphones used in the commission of the crime.

The investigation revealed that the syndicate operated by rotating the cheated funds through multiple bank accounts before converting them into cryptocurrency (USDT) to evade detection by banking systems and law enforcement agencies.

The accused had set up bank accounts across the country, facilitating the transfer and laundering of the stolen money.

During interrogation, Rakesh Jadhav confessed that he had been recruited by Harshwardhan Bhosale, who had offered him high commissions for renting out bank accounts. Harshwardhan, a computer engineering diploma holder, had been drawn into the illegal activity by a yet-to-be-apprehended accomplice named Siddesh.