The Gautam Budh Nagar cybercrime police department took action on Tuesday by arresting three individuals on charges of defrauding a retired government officer in Noida. The alleged scam involved a substantial amount of ₹2.54 crore and was carried out under the guise of online trading, as reported by the police on Wednesday.
This case highlights the growing concern of cybercrimes, particularly those involving financial fraud, which have become increasingly sophisticated and prevalent in the digital age. The victims, in this instance, often fall prey to deceptive tactics employed by fraudsters who exploit the online environment.
According to police, the complainant, Anil Sharma, is a retired central government official who was lured into a forex trading website called www.lexatrade.com.
As the investigation progresses, it is expected that authorities will delve deeper into the workings of www.lexatrade.com and the individuals behind it. This case may serve as a catalyst for discussions on online security, regulatory measures, and the importance of educating the public about the risks associated with online financial activities.
“The fraudsters contacted him through video call and lured him into doubling his investments. To gain Sharma’s trust, they initially returned ₹15 lakh to his bank account. Sharma then invested more money, but he was unable to get any returns and he ended up losing ₹2.54 crore,” Reeta Yadav, in charge of the Cyber Crime police station said.
On March 24, an FIR was filed in response to a complaint made by Sharma at the Cyber Crime police station. The trio apprehended on Tuesday has been identified as Vijay Sharma (aged 56), Hemant Singharia (aged 30), and Tarun Kashyap (aged 35), all of whom are residents of Delhi.
The officer added that “For every account Vijay created, he was provided with ₹1 lakh by the main suspect, who accessed these accounts from Dubai and is yet to be identified. Out of the ₹1 lakh provided to Vijay, he was tasked with distributing it with Hemant and Tarun”.
Nevertheless, as the investigation progressed, it became apparent that the primary suspect, who remains unidentified and at large, accessed the bank accounts into which the embezzled funds were transferred from Dubai, according to sources.
The police investigation unveiled a complex modus operandi employed by the gang involved in fraudulent activities. The gang’s strategy involved renting shops in various locations within Delhi and subsequently registering fictitious companies using these shop addresses. Subsequently, they utilized these fabricated company names to open bank accounts.
What’s particularly noteworthy is that when authorities scrutinized the Goods and Services Tax (GST) numbers associated with each of these fictitious companies, they discovered a staggering revelation. Each of these fake companies had been used to open between 15 to 20 different bank accounts.
The individuals involved have been charged with offences related to deceit, fraud, and pertinent sections of the Information Technology Act. They were presented in court on Tuesday and subsequently remanded to judicial custody. Ongoing inquiries are being conducted as part of the ongoing investigation.
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