A case of cyber fraud came to light in Indore, where an old man was cheated of Rs 1.04 crore by luring him to invest in the stock market and double the profit. Accused Ishani Mehta and Arjun Hinduja, posing as officials of a brokerage company, cheated through the app and fake links. The police is investigating the matter
By Neeraj Pandey
Published Date: Tue, 07 Jan 2025 10:58:55 PM (IST)
Updated Date: Tue, 07 Jan 2025 10:58:55 PM (IST)
HighLights
- Fraud in the name of stock market in Indore.
- An old man was defrauded of Rs 1.04 crore.
- Cheated by posing as a brokerage company official.
Naiduniya Representative, Indore. A case of cheating of Rs 1 crore 4 lakh by luring people to invest and double their investment in the stock market has come to light. A female cyber criminal involved in the fraud has committed fraud across the country by posing as the Chief Investment Officer of brokerage company Nuvama Wealth and Investment Limited and assistant to Arjun Hinduja.
According to Additional DCP (Crime) Rajesh Dandotia, the fraud has happened with an old man resident of RS Bhandari Marg. On July 29, a WhatsApp message from Ishani Mehta had come on the phone of an old man retired from BSNL.
Share market investment scheme
The woman described herself as the Chief Investment Officer of NWIL Brokerage Company and assistant of Arjun Hinduja. He told the scheme of investing in share market and ways to earn 100% profit in 15 days. Meanwhile, Arjun Hinduja himself also kept giving tips regarding the market.
trading account
By sending a link, the accused added the old man to US Group W 89 RBL Securities, VIP Stock Market Service (Senior Member Group). The accused sent another link and got an app downloaded in the old man’s phone. The accused sent ID-password and advised to operate trading account.
Five thousand started and deposited Rs 1 crore 4 lakh.
Initially deposited five thousand rupees and immediately showed profit in the account. In this way, between August 27 and September 23, Rs 1 crore 4 lakh was deposited in different accounts. The victim started seeing a profit of Rs 9 crore 22 lakh 87 thousand in his portfolio.
1 crore tax
On September 30, he tried to withdraw Rs 90 lakh but Ishani and Arjun pressurized him to deposit Rs 1 crore 13 lakh 48 thousand as tax. The victim became suspicious about this and complained to the police. According to ADCP, the accused stopped talking to the victim and also switched off their mobile phones.
Cheated on the pretext of IPO and share discount
The accused had given the promise of discount in the shares coming in the IPO. When asked by the victim, he said that if all the shares of the company are not subscribed, then the shares are sold cheaply. The company provides cheap shares to customers availing premium brokerage service.
money lost due to greed
Due to this, the victims got greedy and started depositing money in the bank accounts mentioned by the accused. The accused have deposited money in the accounts of Canara Bank, SBI, UCO Bank, Bandhan Bank, Bank of Maharashtra. The accounts were opened in the names of companies.
Cheating by adding to a group made from foreign numbers
Self-proclaimed Chief Investor Officer Arjun Hinduja and Ishani Mehta, who cheated a retired employee, are committing fraud across the country. They also cheated lakhs of rupees from Sandeep Singh Saini in Ramgarh, Panchkula in the month of October. Crime branch investigation of four mobile numbers of the accused. Still working.
