Two held in online share trading fraud

Noida: Two men were arrested for cheating several people of nearly Rs 1 crore under the guise of investment opportunities in share market.
Chetan Sharma (39) of Mathura and Rahul Kumar (25) of Rajasthan were arrested near Ghaziabad railway station by the cyber cops on Sunday night under IT Act Section 66D (cheating by personation by using computer resource) and IPC Section 420 (cheating).
The case was among the last few to be registered under IPC before it was replaced by the Bharatiya Nyaya Sanhita (BNS), which came into force on Monday.
Police said two Noida residents, Kushal Pal Singh and Bhagwant Kumar Singh, lost Rs 70 lakh and Rs 24 lakh, respectively after they were contacted by the suspects on WhatsApp and promised high returns on investing in shares.
“The gang persuades people to invest in shares and earn quick returns. Once a victim expresses interest, the fraudsters create fake IDs and instruct them to transfer money into designated bank accounts. The victims are then misled with fabricated screenshots that show the investments are multiplying when the accused have already withdrawn the amount,” a police officer said. If any of the investors tried to withdraw their money, the accused dissuaded them citing additional payments in way of taxes and surcharges.
Police have recovered five mobile phones, one chequebook, six debit cards, four SIM cards, and one laptop among other things from the two accused. They also froze a bank account belonging to one of the accused with Rs 36 lakh.
Police claim the recent arrests led to the resolution of approximately 168 cyber fraud cases across Ghaziabad and other cities, involving a total of Rs 22.42 crore.