On Saturday, two people have been arrested by the Delhi Police on two different cases of cyber-fraud through online frauds in the mistaken belief of internet investment scam that fraudsters have defrauded victims of over 50 lakh of money. They are accused of having been Sunil Kumar Reddy, 44, an MBA graduate and business development executive of Anantapur, Andhra Pradesh, and Ayush Semwal, 21, a B.Com third-year student and an employee of a call-centre, Gautam Buddh Nagar, Uttar Pradesh.
Police said that both accused relied on a network of fake investment advisory websites, fake crypto-trading interfaces, and fake incentive schemes to attract unsuspecting victims. They made people hand over huge portions of money by posing as valid consultants or representatives of profit-making services, after which the money was sent back to several mule accounts to hide the trail.
In the former, a complainant complained that he lost 23.8 lakh of the money after being influenced to invest in the stock market. Sunil Reddy supposedly represented himself as a professional investment consultant, and persuaded the victim to send money into different accounts in 15 RTGS and NEFT transfers. The police moved with speed and froze all the named bank accounts and reclaimed ₹5 lakh that was paid back to the victim. Upon prolonged technical monitoring and investigation Reddy was tracked down and apprehended at Anantapur.
In the second case, a private worker in Lucknow had reported to police that he was swindled out of 26.49 lakh in a fake crypto-trading scheme. The victim was first seduced by internet offers and then pushed to make increased deposits in disguise of high returns. The motion of the siphoned funds was supposedly managed by accused Ayush Semwal who transversed at least 18 bank accounts of the mule using the 18 accounts of Layer-1. In interrogation, Semwal admitted that during the time, he had sold a number of bank accounts to one of his associates on commission. November 8 he was arrested in his workplace in Noida Sector-58.
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