31 Complaints Busted a ₹20-Crore Online Trading Scam: Shamli’s 2 ‘Natwar Lals’ Arrested -

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“Another trading scam got busted after a total of 31 complaints of around ₹20 crore in Shamli.”

Two important members of a cybercrime syndicate that enticed victims with promises of large profits from a purported vegetable trading business have been arrested by police in Shamli, Uttar Pradesh, after a nationwide online trading scam worth over ₹20 crore was discovered.

31 complaints connected to a single bank account were reported on the Union government’s cybercrime reporting system, which prompted a thorough investigation and revealed the racket.

Police

The accused were using the name “Nityachaudhary Trading Company,” which was a front to collect money from investors in several states, and the company’s current account, which was registered in Nitin Kumar’s name, was allegedly used to channel and siphon off money obtained through phony mobile applications and investment links.

A police unit stopped the suspects on the Shamli–Muzaffarnagar route on Thursday night, leading to the arrests.

Those taken into custody have been identified as follows:

Rahul Goyal, a resident of Moradabad, and
Dharmendra Kumar, from Hapur.

Both were described by investigators as seasoned cyber fraud operators who were crucial to account management and money transfers.

False Gains, Actual Losses

According to police findings,

The syndicate offered investment opportunities in vegetable trading with the promise of very large and rapid gains, targeting consumers through social media messages, messaging systems, and referral networks.
The victims were instructed to click on modified websites that imitated authentic trading dashboards or download phony mobile applications.
The program would display fictitious earnings once money was deposited, enticing investors to contribute more money.
Actually, there was no trade activity.
The entire system was set up to give the impression of progress until the victims stopped investing or tried to withdraw their money.
Excuses such as technical difficulties, delays in verification, or extra fees were mentioned when withdrawal requests were submitted.
Most of the time, communication was eventually stopped.

Investigators

Mule accounts, which are bank accounts that are either rented or acquired from people who are enticed by commissions or job offers, were used to transfer the stolen funds. Over ₹1.84 crore worth of transactions were reported on a single day in one of these accounts, with the majority of the money being transferred or withdrawn in a matter of hours.

Police

Thirty-one cyber fraud complaints from all throughout the nation were made about the same account alone. In order to evade detection, funds were quickly piled and distributed, a behavior frequently observed in organized cybercrime networks.

People who may not fully comprehend the legal ramifications of opening or transferring a mule account frequently end up involved in major criminal procedures.

Victims in Several States

The fraud’s scope went well beyond Uttar Pradesh. Victims from Odisha, Karnataka, Haryana, Maharashtra, Delhi, Gujarat, and other states were confirmed by police. Investigators have estimated that ₹20,12,72,368 has been defrauded thus far, but they caution that the sum may increase as additional accusations are confirmed.

In order to find more beneficiaries and handlers within the network, digital forensics teams are currently looking through transaction traces, device data, and communication logs.

Police

When Nitin Kumar first met Dharmendra Kumar in Meerut, the conspiracy began to take shape. Dharmendra was seeking a current account to facilitate commercial transactions while he was involved in the home delivery of fruits and vegetables.

Driven by commission-based incentives, what first appeared to be a legal necessity quickly developed into a planned fraud enterprise.

Seizures and Continued Investigation

Police found several cell phones, SIM cards, ATM cards, identity documents, and a car purportedly used for operational transportation among the detained suspects.

Authorities

Additional accounts connected to the scam are being frozen, and efforts are being made to track down other gang members.

Police have advised people to avoid downloading unknown apps or clicking on unsolicited investment links, to be extremely cautious when investing online, and to independently verify platforms.

Early intervention is made possible by the timely filing of complaints via the official cybercrime reporting system.

About The Author

Suraj Koli is a content specialist in technical writing about cybersecurity & information security. He has written many amazing articles related to cybersecurity concepts, with the latest trends in cyber awareness and ethical hacking. Find out more about “Him.”