Two held for Rs 9 lakh share market investment fraud in Delhi

The Delhi Police has arrested two men for allegedly duping a city resident of Rs 9.75 lakh on the pretext of offering high returns through share market investments, an official said on Tuesday.

The accused have been identified as Ankit Patel, 44, and Patel Kirtikumar Dwarkabhai, 36, both residents of Gujarat, he said.

According to the police, the accused contacted victims and lured them into investing in the share market by promising lucrative returns.

“In one such case, a complainant, Aditya Sharma, was cheated of Rs 9.75 lakh after being persuaded to invest money through fraudulent channels,” the officer said.

Following the complaint, a case was registered on December 23 last year. During the investigation, police analysed the money trail and found that the amount cheated was routed through mule bank accounts. The funds were subsequently withdrawn using ATMs and cheques.

“Analysis of mobile numbers linked to the bank accounts helped police trace the accused to Gujarat. A team was then dispatched, leading to their apprehension.

Police said the accused used multiple bank accounts to receive the defrauded money. Ankit Patel allegedly arranged and operated these accounts, withdrew the funds, kept a commission, and transferred the remaining amount to his associate.

Items recovered from their possession include a cheque book, a debit card, a bank passbook and a mobile phone with a SIM card linked to the bank account used in the crime.

During interrogation, the accused disclosed that they indulged in such activities to earn easy money. Further investigation is underway to identify other people involved in the racket.