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Stock market fraud: Delhi Police has busted a gang committing fraud in the name of investing in the stock market. Three people have been arrested.
Stock market fraud: Delhi Police has busted a gang committing fraud in the name of investing in the stock market. The gang had defrauded the victims of crores of rupees through fake companies and fake trading platforms. An official said on Monday that three people, including Sunil Kumar, director of a fake firm and resident of Fatehabad, Agra, Vishal Chaure, resident of Thane, Maharashtra and his wife have been arrested. All of them are associated with a fake organization. Police said that these arrests were made from Ballabhgarh (Haryana) and Thane (Maharashtra). The arrest exposed a multi-layered racket running under the guise of GTR Electronics Private Limited and Udyam Mahila Empowerment Foundation.
Woman lost Rs 1.6 crore
This syndicate used to cheat people in many states. The gang ran fake pre-IPO schemes and fraudulent forex trading platforms. A senior police officer said that the investigation started on the complaint of a victim who lost Rs 1.6 crore after being misled by a woman he met through social media. The woman convinced the victim to invest in a fake UK-based platform called Spreadex Global Limited. Police said that during the investigation the team detected two more fake companies. The official said that during the investigation, 45 complaints related to Udyam Mahila Empowerment Foundation came to light. The foundation had committed a fraud of Rs 22 lakh.
There was a fake office in Shakarpur, East Delhi
According to police, of the victim’s money, Rs 15 lakh was found in the account of GTR Electronics and Rs 11 lakh in the account of Udyam Women Empowerment Foundation, which was jointly run by Thane resident Vishal Chaure and his wife. Officials said the couple committed cyber fraud worth crores through a fake foundation. During investigation, the police discovered that Sunil Kumar, director of GTR Electronics, had set up a fake office in Shakarpur, East Delhi, using forged documents to project the entity as a legitimate electronics firm. Police said a current account was opened to receive the fraudulent money and divert it further.
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