Two held as police uncovers Rs 20L online trading scam

NEW DELHI: The Cyber Cell of Delhi Police’s Crime Branch has arrested two men allegedly involved in a large-scale online Forex and stock market investment scam. The case came to light after multiple victims filed complaints on the National Cyber Crime Reporting Portal, prompting an extensive probe led by Inspector Manjeet Kumar under the supervision of ACP Anil Kumar.

During the investigation, police uncovered transactions worth about Rs 20 lakh routed through several bank accounts used to siphon off cheated funds. The racket operated under the name “Stock Market” and targeted unsuspecting investors through social media platforms, particularly Facebook, by promising unusually high returns on Forex trading. After initial contact, victims were added to manipulated online groups where fabricated profit screenshots were shared to create an illusion of credibility.

However, when investors sought to withdraw their money, they were met with false assurances, threats, and outright refusal, leading to substantial financial loss. The arrested individuals have been identified as Sajjad Ahmad, 35, and Uttam Mandal, 40. Police said both acted as professional account providers for cyber syndicates, supplying bank accounts obtained from individuals in exchange for a commission.

They allegedly handed over full banking kits — cheque books, ATM cards, SIM cards and login credentials — to fraud handlers who used them to circulate illicit funds. A current account in the name of M/s Chand Electronics was found to be a major conduit. Technical analysis further revealed that at least 10 first-layer mule accounts were involved, indicating a wider interstate network. The Crime Branch is continuing efforts to trace handlers, freeze linked accounts, and identify the remaining members of the syndicate. Further investigation is in progress.