Fraudsters Arrested in Navy Officer's Rs 2 Crore Share Trading Scam

Six people have been detained by the police for allegedly duping a retired Navy officer out of more than Rs 2 crore in a fraudulent share trading scheme, authorities announced on Friday.

The victim, Bhupendra Singh from Lalpur village, was enticed into investing Rs 2.08 crore between March and April through a WhatsApp group managed by the suspects. They falsely guaranteed high returns and subsequently demanded an additional Rs 50 lakh to release his alleged 'profits', according to Superintendent of Police Abhishek Kumar Jha.

Investigators have retrieved Rs 3 lakh in cash along with laptops, mobile phones, and identification documents. Currently, Rs 2 lakh has been refunded and Rs 17 lakh has been frozen in bank accounts. The investigation remains active, officials added.

(With inputs from agencies.)