Two Arrested in ₹7 Lakh Cyber Fraud Linked to Fake Stock Investment Scheme
Two arrested for Rs 7 lakh cyber fraud via fake stock investment scheme
News 18
Image: News 18
Two individuals, Shashikant Sharma and Deepak, were arrested in New Delhi for allegedly cheating a victim of approximately ₹7 lakh (about $8,400 USD) through a fraudulent stock investment scheme. The scheme operated via a social media app, luring victims with false promises of high returns and fictitious investments.
- 01Two suspects arrested for a ₹7 lakh cyber fraud.
- 02Fraudsters used a social media app to lure victims.
- 03Victim was shown false investment portfolios.
- 04Police linked 29 complaints to the fraud syndicate.
- 05Investigation ongoing to identify more suspects.
Advertisement
In-Article Ad
In a recent cyber fraud case in New Delhi, two men, Shashikant Sharma and Deepak, were arrested for allegedly cheating a victim out of ₹7 lakh (approximately $8,400 USD) through a fake stock investment scheme. The scheme was operated via a social media app, where the victim was initially contacted by fraudsters posing as representatives of a legitimate firm. They provided fake credentials and offered free stock recommendations to lure the victim into investing. After the victim invested, he was shown fictitious investments and a false portfolio. When he attempted to withdraw his funds, he realized he had been defrauded. The police traced part of the funds to a bank account associated with a shell company in central Delhi. Investigators have linked 29 complaints to this syndicate, which is believed to have made no actual investments. The police recovered digital evidence and are continuing their investigation to uncover additional members of the fraud network.
Advertisement
In-Article Ad
This case highlights the growing issue of cyber fraud in India, particularly through social media, affecting individuals' financial security.
Advertisement
In-Article Ad
Reader Poll
Do you believe more regulation is needed for online investment platforms?
Connecting to poll...
Read the original article
Visit the source for the complete story.



