Five Arrested For Duping Indore Man Of ₹93 Lakh In Share Trading Fraud; Two Accused From Maharashtra, One From Odisha
· Free Press Journal
Indore (Madhya Pradesh): Police have exposed a gang involved in online fraud in the name of share trading and arrested five accused from different states, officials said on Friday.
The gang allegedly cheated a person of around Rs 93 lakh using a fake trading app. Police said the fraud was operated through accounts linked to Cambodia. They managed to freeze Rs 10 lakh from various bank accounts, and further investigation is underway.
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Bhanwarkuan police station in-charge Santosh Dudhi said the complaint was lodged by Sachin Gupta a few days ago. Gupta stated that he saw an investment post on a social media platform and joined a group where he was given trading tips.
Initially, he was shown profits to gain his trust. Later, he was asked to use a fake application that showed high returns and pressured him to invest more money.
The complainant transferred money in multiple transactions after being told that he had been allotted company shares. Although the app showed a profit of around Rs4 crore, he could not withdraw any amount.
During the investigation, police found the fraud was conducted through accounts linked to Cambodia and that the accused were in contact via a social media platform. The accused reportedly used fake bank accounts and SIM cards for the scam.
Fake Trading App Fraud: Two Arrested From Indore For ₹1.16 Crore ScamThe arrested accused include Vishal Chauhan and Ganesh Rao from Maharashtra, Ashish Pawar and Naivedya Sironja from Dewas, and Rashmiranjan from Odisha. Police teams tracked them using technical evidence and arrested them from different locations.
Further investigation is underway to find links to other fraud cases.