2 from Rajasthan arrested in stock market scams

Indian Express

07-05-2025

The Cyber Crime Cell of Chandigarh has arrested two alleged cyber criminals from Rajasthan in connection with two high-profile stock market investment scams.
In the first case, the accused, Mukesh Kumar Gujar, 33, a resident of Rampura Papat, Jaipur, Rajasthan, was apprehended for his involvement in a sophisticated cyber scam, according to the police.
The police team said that Gujar had opened a bank account in Rajasthan Marudhara Gramin Bank and handed over the account kit to other fraudsters. The account was used to receive Rs 36 lakh obtained through fraudulent act and subsequently funnelled via RTGS and IMPS to other accounts.
The victim, Ashok Kumar of Sector 35, Chandigarh, reported being lured into fake stock market trading via an app presented as IBKR (Interactive Broker). He was first contacted by a woman named Rekha Aggarwal and later by an alleged client manager, Rajiv Mehta. After investing a total of Rs 56 lakh, he was removed from the group and denied access to the app.
According to the second case, another accused, Lalit Saini, 23, from Prem Nagar Vistar, Sanganer, Jaipur, Rajasthan, was nabbed for a similar modus operandi. The cyber police found that Lalit had opened a UCO Bank account and handed over the credentials, which was used to receive Rs 2 lakh from the fraudulent activities. The money was later routed through electronic transfers to other accounts.
Complainant Vinod Handa of Sector 49-A, Chandigarh, revealed that he was duped of Rs 10.5 lakh after joining a WhatsApp group (Zerodha-VIP.com) linked to an online stock trading promotion he found on Facebook. After seeing an initial small return, he was persuaded to invest larger amounts. His funds were later frozen, and further payments were demanded before he realised it was a scam.
Police said that both accused are currently in police custody, and investigations are ongoing to identify other accomplices and bust the larger cyber fraud network.