A 22-year-old guy has been arrested for defrauding a man from Greater Noida out of Rs.1.56 crore under the guise of online trading.
In a significant breakthrough, the Noida cyber crime police arrested a 22-year-old man in connection with a major online trading scam that resulted in the alleged duping of a Greater Noida resident, Prawal Chaudhary (44), to the tune of ₹1.56 crore. The young man’s arrest came after Chaudhary filed a complaint on April 20, detailing how he had been deceived by fraudsters promising huge returns through online trading.
The complaint, submitted at the cyber crime police station in Sector 36, led to the registration of an FIR against representatives of an online website. The accused were charged under sections 406 (criminal breach of trust), 419 (cheating by personation), and 420 (cheating) of the Indian Penal Code and relevant provisions of the IT Act.
According to Reeta Yadav, the in-charge of the cybercrime police station, the victim was enticed in February 2022 by an individual online to invest in online trading with the promise of doubling his investments. Initially, the fraudsters returned a substantial sum of money on Chaudhary’s investment, creating an illusion of legitimacy and building trust. However, as he continued to invest larger amounts, the returns ceased, and the website representatives provided various excuses, such as stock losses or account suspensions.
By March 2023, the complainant had suffered a massive loss, totalling approximately Rs. 1.56 crore. Disturbingly, this was not an isolated case, as several residents from Noida and Greater Noida had filed similar complaints, pointing to the existence of a vast nexus involved in duping victims of amounts exceeding Rs. 1 crore.
The investigation unveiled the modus operandi of the fraudsters. Chaudhary was coerced into transferring money to 22 different bank accounts registered under various company names. Notably, ₹70 lahks had been funnelled into an account owned by ’99 Recharge Solutions,’ which was traced back to Deepak Gola, a resident of Ballabhgarh, Faridabad. The police arrested Gola from Sector 36 in Noida.
Upon interrogation, Gola revealed that the bank account had been opened in June of the previous year under the name of a non-existent company. He admitted that he was receiving substantial commissions for allowing the fraudsters to use his bank account for their illicit activities. The investigation further revealed that the accessed bank account was being operated from Dubai, adding an international dimension to the scam.
The authorities are now actively pursuing leads to apprehend the prime suspects behind the fraudulent website. The technical evidence points to Dubai as the location where the fraudulent bank account was accessed through Internet banking. While this presents an additional layer of complexity, the cybercrime police remain determined to bring all involved parties to justice.
In a positive development, following the registration of the FIR and legal proceedings at the district court, ₹88 lahks was recovered and subsequently returned to the complainant. This action not only offers some relief to Chaudhary but also serves as an example of the authorities’ commitment to protecting victims of cyber fraud.
The case sheds light on the growing menace of online scams in the region and the need for heightened awareness and vigilance among residents. The allure of quick profits and doubling investments has lured many unsuspecting individuals into falling prey to such fraudulent schemes. As the investigation progresses, authorities are likely to discover the extent of the scam and identify more victims who have suffered substantial losses.
To prevent future incidents, the Noida cyber crime police have advised the public to exercise caution while engaging in online trading or any financial transactions involving unfamiliar platforms or individuals. They emphasise the importance of verifying the legitimacy of investment opportunities, researching the backgrounds of online entities, and seeking professional advice before committing funds.
In addition to law enforcement efforts, financial regulatory bodies must continue to take proactive measures to protect investors and prevent such fraudulent activities. Robust monitoring and reporting mechanisms can help identify suspicious activities early on and enable swift action against perpetrators.
The case of Prawal Chaudhary highlights the devastating consequences of falling victim to online scams and the significant efforts required to hold fraudsters accountable. As the authorities continue to crack down on such criminal enterprises, individuals must remain vigilant and exercise due diligence to safeguard their hard-earned money from malicious actors seeking to exploit the digital landscape for personal gain.
In conclusion, the arrest of a 22-year-old man in connection with the online trading scam that led to the duping of a Greater Noida resident of Rs. 1.56 crore sheds light on the rising prevalence of cyber fraud in the region. The investigation underscores the need for public awareness and caution when engaging in online financial activities and the importance of robust law enforcement efforts to bring the perpetrators to justice.
The return of ₹88 lahks to the victim provides some relief but also underscores the immense challenges of recovering funds lost to such scams. The Noida cybercrime police’s determination to tackle the issue head-on reflects their commitment to safeguarding the community and creating a safer digital environment for all residents.