Delhi Police Busts ₹45 Lakh Fake Stock Trading Scam Network

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Delhi Police Dismantles Sophisticated Fake Stock Trading Scam

A sophisticated fake stock trading scam that duped a Delhi resident out of ₹45.25 lakh has been dismantled by the Delhi Police. The scam, which unfolded over the course of a month, involved a network of individuals operating across multiple states, including Punjab, Rajasthan, Uttar Pradesh, Haryana, and Delhi.

How the Scam Unfolded

The victim was initially approached through social media and subsequently added to an online investment group, where members were offered stock market “tips” and shown purported proof of profitable trades. However, when the victim attempted to withdraw his investment and the profits he believed he had earned, the group and related social media accounts were deactivated, and the trading application ceased to function.

Investigation Reveals Complex Network

An investigation by the Delhi Police revealed that the scam was orchestrated by a group of individuals posing as financial advisers. The group created fake social media profiles and investment communities to attract individuals seeking stock market gains. Once trust was established, victims were persuaded to transfer funds into multiple bank accounts under the control of the network.

Key Members Identified

The police identified four individuals – Rishu Garg, Deepak June (also known as Vikas), Amit Giri, and Sunil Kumar – as key members of the network. According to investigators, the accused used a layered transaction approach to complicate tracking and recovery, with the victim being instructed to transfer money in approximately 15 separate transactions into eight different bank accounts over a period of about a month.

Money Trail Reveals Family Involvement

The investigation also revealed that ₹4 lakh from the defrauded amount had been deposited into a bank account held in the name of Renu Garg, the mother of one of the accused, Rishu Garg. Renu Garg was also implicated in the scam and told investigators that her son had been operating the account. Authorities alleged that Rishu Garg provided Deepak June with net banking credentials in exchange for ₹25,000 and increased the transaction limit of the account to ₹1 crore to facilitate the transfers.

Crackdown and Ongoing Investigation

As part of the crackdown, the police seized four mobile phones and six SIM cards, which are being examined for additional leads. Investigators believe that the network may extend beyond those already arrested and are searching for other members of the syndicate, including an individual referred to by the alias “Max,” who is suspected to be operating from outside Delhi.

“The Delhi Police described the case as part of a broader pattern of fraudulent stock trading and investment schemes that rely on fabricated digital identities and coordinated online groups to extract large sums from individuals.”

Warning to the Public

The investigation highlights the need for individuals to exercise caution when engaging with online investment groups and to verify the authenticity of such groups before making any financial transactions.