Delhi police bust ₹24 lakh investment fraud

Two men were arrested in south Delhi for allegedly duping a retired BSF officer of over Rs 24 lakh by luring him with promises of high returns through investments, an official said on Wednesday.

The accused were identified as Neeraj Verma (33) and Ravi Verma (30), both residents of Faridabad in Haryana.

“The complainant, a retired BSF inspector residing in Pushp Vihar, filed an online complaint alleging he had been cheated of Rs 24,54,216 by unidentified persons in the name of block trades, IPOs, and share market profits,” Deputy Commissioner of Police (South) Ankit Chauhan said.

A case was registered on August 9, 2024, and an investigation was launched, he said.

During the probe, it was found that the accused contacted the complainant using Voice over Internet Protocol (VoIP) calls.

An analysis of the money trail revealed that the accused transferred the amount received from the victim to an account registered under the name 'Naitik Traders', linked to Ravi, the officer said, adding that he was apprehended from Ballabhgarh following technical surveillance.

Based on his disclosures made during interrogation, his associate Neeraj was also arrested.

Two mobile phones, a cheque book, and three bank kits that were used in the crime were recovered from their possession.

Neeraj, who studied up to Class 10, told the police that he came across an advertisement on social media promoting income through the use of corporate accounts for gaming-related transactions, the DCP said.

He then contacted Ravi and received instructions from a handler in Mumbai, following which he obtained GST and Udyam registrations and opened several bank accounts under a fake business.

Neeraj provided Rs 1 lakh to open these accounts and shared the details with the handler, who used them to conduct cyber frauds.

Neeraj allegedly earned a 2 per cent commission on transactions, which he split with Ravi.

The transactions primarily involved the buying and selling of USDT cryptocurrency on a platform, the police said.

Further investigation is underway to identify other associates and trace the handler.