Delhi Resident Uncovers Rs 10 Crore Stock Scam Originating in Nepal

New Delhi, Jun 30 (PTI) — A seemingly innocuous social media chat spiraled into a significant financial debacle for a resident of Delhi, unwittingly uncovering a sophisticated stock investment scam orchestrated from a hotel in Nepal. This elaborate scheme led to fraudulent transactions amassing over Rs 10 crore within just a month, a police official disclosed on Monday. Two individuals, Shashi Pratap Singh (28), a BBA graduate, and Nihal Pandey (27), who possesses an MCA degree, were apprehended in connection with this case in Gorakhpur, Uttar Pradesh. Shashi revealed during interrogation that Nihal had accompanied him to Nepal, the nexus of this fraudulent operation. Nihal further confessed that he was tasked with sourcing multiple bank accounts, which were utilized for laundering the illicitly obtained money. "In Nepal, Nihal had taken Shashi to a hotel where they met three others, handing over SIM cards and banking details to an undisclosed individual," stated Deputy Commissioner of Police (Shahdara) Prashant Gautam. In exchange for these services, Shashi was promised a 1.5 percent commission on the scam transactions and subsequently received Rs 8–10 lakh in cash. The unsuspecting victims, like Sachin Kumar Tomar who lost Rs 8.15 lakh, were approached over social media and deceived into investing in a sham online trading platform by a woman named Sakshi Yadav. The DCP explained that Tomar was persuaded to open a trading account and was added to a group chat allegedly moderated by Sakshi's uncle and an associate named Rakesh. After depositing Rs 8.15 lakh, Tomar found his attempts to withdraw returns thwarted, as his investment seemingly vanished, and his access was revoked. Upon registering a complaint, investigators uncovered that Rs 5.75 lakh out of Tomar's funds had been transferred to a private bank account, which was traced back to Shashi and his father, Ramashankar Singh. Although Ramashankar denied any involvement, he acknowledged being a joint account holder. Subsequent investigations led to Shashi's arrest following intense questioning, with Nihal being subsequently detained in Gorakhpur. The fraudulent gang's modus operandi involved first contacting potential victims via social media while impersonating financial advisors. Initially, they presented small profits to gain trust, which encouraged larger investments from the victims. As soon as significant sums were invested, victims were abruptly blocked, or deceitfully informed that their trading accounts were frozen due to fabricated compliance issues. To efficiently carry out the scam on a broad scale, the culprits amassed a multitude of bank accounts and SIM cards by enticing individuals with cash rewards, an investigator noted.

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