NEW DELHI, Oct 27: An online trading scam worth over Rs 47 lakh has been busted with the arrest of three men who allegedly duped people through fake stock market investment schemes on the directions of a Chinese national, an official said on Monday.
The accused — Sahil Yadav (25) and Aryan (22), residents of Patna, and Ashish Kumar alias Jack (36), a native of Begusarai in Bihar — allegedly operated an office in Noida to lure investors into fraudulent trading schemes, he said.
They allegedly received instructions from a handler identified as ‘Tom’, based in China, through Ashish Kumar, who coordinated operations in Delhi and Noida, police said.
The arrests were made during the probe into an e-FIR registered in southeast Delhi after a chartered accountant complained of being cheated of Rs 47.23 lakh through a fake stock trading website.
The complainant alleged he was added to a group promoting stock market schemes that falsely promised daily profits under the guise of “buy today, sell tomorrow” and IPO investments.
For over two months, the victim transferred amounts through IMPS, NEFT and UPI transactions into several personal bank accounts, police said.
When the victim sought to withdraw his money, the accused allegedly intimidated him and demanded more payments.
During the investigation, the police found that Rs 31.45 lakh of the cheated amount was credited to a firm’s current account, of which Rs 23.80 lakh was routed into the account owned by Sahil Yadav. The registered mobile number on the account belonged to Aryan, the co-accused, the police said.
“The accused had opened at least seven current accounts in different banks to launder the defrauded money. Technical analysis also revealed 131 cyber complaints linked to the firm,” a senior police officer said.
Despite earlier raids in Noida, the accused evaded arrest. However, following a technical surveillance-based operation, their hideout was traced in Greater Noida, leading to their arrest, police said.
During questioning, the trio revealed that they were recruited by the “Chinese handler” through Telegram in December 2024 and were promised a commission of 1 to 1.5 per cent on every Rs 1 crore transaction for providing bank accounts.
They later incorporated a firm to route the money, the police said. Ashish Kumar alias Jack was previously involved in a similar offence registered in Bhopal under the IT Act and the Bharatiya Nyaya Sanhita (BNS).
A case under relevant sections of the BNS has been registered and efforts are underway to trace the money trail, identify other beneficiaries and apprehend the Chinese handler, police added. (PTI)
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