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Time of India
41 minutes ago
- Time of India
Money trap: 40% cyber fraud cases this year came as investment bait
Gurgaon: The city appears to have become a fertile ground for cybercriminals preying on people's hunger to earn more and the risk appetite they have. Investment fraud has emerged as the most common cybercrime, accounting for nearly 40% of all online fraud cases reported in the city. It has ensnared thousands, from tech professionals to homemakers and retirees, luring them into fake investment schemes with promises of quick, high returns. The result is often devastation, leaving those who have been targeted chasing shadows and grappling with the loss of their hard-earned money. The city's cyber police cell has registered over 16,000 complaints in the first half of 2025, with 40% cases linked to investment fraud. ACP (cybercrime) Priyanshu Diwan said 1,300 fraudsters were arrested in the first half of this year, up from around 700 in the same period in 2024. "Increased public awareness has helped reduce total financial fraud losses from Rs 155 crore in 2024 to Rs 80 crore in the current year," he said. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon The modus operandi of these fraudsters is simple yet effective, according to police. Often operating through networks that are run from foreign shores, they bait targets with fraudulent stock trading apps, fake cryptocurrency platforms, or get-rich-quick schemes disseminated through Telegram and WhatsApp groups. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo Initially, victims are shown small, fabricated profits to build trust by cyber cons. Once convinced, they are encouraged to invest large sums, only to find the websites vanish, contacts go silent and their money gone without a trace. A case in point is a 57-year-old private employee from Sector 23, who was added to a WhatsApp group in Sept 2024. The group, comprising 56 members, was formed to give lessons on stock market investment. By Oct, he had downloaded an app and deposited Rs 1.3 crore into various bank accounts provided by the fraudsters. When he attempted to withdraw the money, he was asked to transfer an additional Rs 20 lakh as "investor tax". The moment he stopped transferring money, the fraudsters stopped attending calls. In another instance, a chartered accountant's daughter from Faridabad was conned of Rs 7.6 crore via a Facebook link promising lucrative stock market returns. Despite police efforts, which led to the arrest of 16 people across multiple cities, the financial losses continue to mount. Central to these scams is use of mule accounts — legitimate bank accounts rented or sold for a fee — which help funnel defrauded money and park it. Over 40% of those arrested in cyber fraud cases this year, according to cyber police, were found to have provided their bank accounts to criminals in exchange for cash or commissions. "The network of mule accounts is the lifeline of these fraud networks, enabling fraudsters to move money and hide their tracks," said ACP Diwan. The complexity of dismantling these networks lies in the rapid transfer of money through multiple accounts, conversion to cryptocurrency, and movement abroad, a police officer said. "Some of the mule account holders have even travelled to countries like Dubai and Cambodia to sell information on dozens of their accounts for hefty sums," he added. Police investigations have revealed that fraudsters contact potential mule account providers via messaging apps, offering money in exchange for account details, making money recovery and tracking exceedingly difficult. Police investigations have found that fraudsters pay commissions ranging from Rs 30,000 to Rs 2 lakh in exchange for handing over access to their bank accounts. Many mule account holders, according to police, claim ignorance about larger fraud operations. "Some said they were told their accounts would be used for business purposes or foreign remittances, while others look the other way, tempted by the promise of quick money," said the police officer. ACP Diwan said the cyber police are working extensively to dismantle the mule account network. "Without these accounts, fraudsters would struggle to operate. This year alone, more than 400 suspects have been arrested for providing accounts to criminals," he added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
Fraudsters Use Fake ‘Natural Cosmetics' Firm to Launder 4 Crore, Arrested in Mumbai
Mumbai: The city cyber police arrested two persons from Powai who were part of an online fraud gang that received Rs 4 crores pan India in their bank account over two months The accounts, opened under the name "Natural Cosmetics," were found to have received deposits from multiple states through a series of suspicious transactions. The arrested have been identified as Rajan Uttam Dage (26) and his accomplice Ashwinkumar Gaikwad, who used forged documents to open a business account. Their names cropped up while probing an online cheating case where they posed as members of a reputed share trading platform and duped a 69-year-old businessman of Rs 28 lakh. The complainant, who is a retired banker, alleged that between Jan and July 2025, she was contacted via Facebook, Telegram, email, and international calls by individuals posing as financial advisors connected to the trading platform. The complainant claimed that she was impressed with their presentation and was induced to deposit large sums into various bank accounts under the guise of purchasing shares, initially crediting fake profits to gain her trust before refusing to release her funds. "Initially, the complainant invested 200 US dollars (equivalent to Rs 17,517). You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai After a few days, she received an international call from one Vinit Gautam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dementia Has Been Linked To a Common Habit. Do You Do It? Memory Health Click Here Undo Later, one Aham Patel, claiming to be the manager of Gautam, on whose instruction she transferred Rs 27.59 lakh," said an official. She only raised a red flag when the accused asked her to invest a few more lakhs. She registered an FIR against callers who impersonated and duped her. During the money trail, it was revealed that the accused opened the accounts using fabricated documents and misleading business details. Although the entity was registered as a cosmetics-related business, no legitimate commercial activity was detected. Instead, the accounts saw high-value credits and quick withdrawals or transfers, a pattern commonly associated with mule accounts used to launder illicit funds Investigation revealed that one of the beneficiary accounts belonged to "Natural Cosmetics," a proprietary concern operated by accused Dhage and Suryakant. The account received Rs 5,00,000 from the complainant's defrauded funds and showed total deposits exceeding Rs 4 crore from multiple individuals and entities across India between April and Aug 2025. The Rs 4 crore inflow was traced to multiple deposits from different cities, suggesting the scam's reach was pan-India. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
2 hours ago
- Time of India
How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming
Under the lens Exclusives How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming Arvind Dham, former chairman of the Amtek Group; and R M Malla, former managing director of IDBI Bank Synopsis Properties purchased from loan money siphoned from Amtek group were allegedly transferred to former managing director RM Malla and his family members for little or no consideration. These companies held flats and houses in NCR worth over INR30 crore. In the power corridors of India's banking sector, relationships between borrowers and lenders are often transactional, sealed with signatures and secured by collateral. But this one seems to have been more cozy. On one side, there is Arvind Dham, the erstwhile promoter of Amtek Group, an auto components maker that turned belly up; on the other is Rajinder Mohan Malla, former managing director of IDBI Bank. 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