Delhi Police Busts Sophisticated Social Media Investment Fraud Network
Delhi Police arrested five individuals tied to a large-scale social media investment fraud. The scheme involved fake companies, mule accounts, and bank employee collusion. Victims were lured via social media, promised high returns, and subsequently defrauded. Investigations continue as police seek absconding accomplices and further evidence.
- Country:
- India
Delhi Police made significant headway in tackling a massive social media investment fraud by arresting five individuals involved in the deceitful setup. This network, which involved creating fake companies, utilizing mule accounts, and colluding with bank employees, was uncovered in an extensive investigation.
The accused, including Rahul Kumar, Ajay Sharma, Sonu Kumar, Kunal Sagar, and Mohit Dadhich, allegedly lured unsuspecting investors via social media channels with promises of high returns on non-existent investment schemes. Authorities revealed that one victim was defrauded of Rs 4.80 lakh; meanwhile, over Rs 2.5 crore was channeled through a single fake account over just two months.
Banking professionals' active involvement in facilitating these fraudulent operations was exposed, notably at RK Puram branch, with further police efforts focusing on tracing absconding partners, freezing assets, and amplifying the crackdown on such organized crime. Investigations also aim to deliver findings to the Reserve Bank of India for regulatory review.
(With inputs from agencies.)
Google News