Delhi Police Crackdown on Multi-Crore Stock Market Fraud

In a significant operation, the Delhi Police have detained two individuals, Kulwant Singh and Devender Singh, for aiding a multi-crore stock market fraud. These individuals allegedly provided their bank accounts to organized cyber syndicates to launder fraud proceeds.

The fraudulent activity involved persuading investors with promises of substantial returns through bogus IPO funding and stock market opportunities. Victims were misled into depositing funds into accounts controlled by the fraudsters, resulting in nearly Rs 6 crore being siphoned off.

The police investigation uncovered that part of the fraudulently obtained money was funneled into an NGO's account. Singh and Devender received monthly payments and commissions for facilitating these transactions. Authorities are currently pursuing further leads to recover the swindled funds.

(With inputs from agencies.)