Delhi Police Unearths Rs. 1.6 Crore Pan-India Stock Market Investment Fraud; 3 Individuals Arrested

Delhi Police Unearths Rs. 1.6 Crore Pan-India Stock Market Investment Fraud; 3 Individuals Arrested

The Delhi police have recently uncovered a massive Pan-India stock market investment fraud worth Rs. 1.6 crore. In this fraud, the accused duped victims of crores by establishing bogus firms and trading platforms, said an official on Monday.

According to the reports, as of now, three individuals associated with the fraud have been arrested. These include Sunil Kumar, the director of a fake company, residing in Fatehabad, Agra, and Vishal Choure and his wife, both residents of Thane, Maharashtra, allegedly linked to another fake entity.

According to the police officials, arrests were made during raids carried out in Ballabgarh (Haryana) and Thane (Maharashtra), leading to the unearthing of a multi-layered racket operating under the disguise of GTR Electronics Pvt. Ltd. and Udyam Women’s Empowerment Foundation.

Through this scam, individuals from several states in india were cheated using bogus online financial traps, fake pre-ipo schemes and fraudulent forex trading platforms.

According to a senior police officer, the investigation into the case began after a complaint was registered by a man who lost his Rs 1.6 crore, influenced by a woman he met on a social media platform. The woman manipulated the man to invest in a UK-based platform named Spreadex Global Ltd.

Police said that a detailed money trail helped them find the two fake companies. They found at least 13 complaints connected to GTR Electronics Pvt. Ltd., involving about Rs. 88.40 lakh. They also found 45 complaints related to the Udyam Women Empowerment Foundation, involving around Rs. 22 lakh, the officer said.