Jaipur (Rajasthan): Rajasthan Police’s Cyber Crime Unit has uncovered an alleged interstate cyber fraud network accused of cheating investors of more than ₹50 crore through fake online trading and IPO investment platforms. Two directors of a Delhi-based private company have been arrested for allegedly using the company’s bank accounts to receive and transfer funds obtained from victims.
According to investigators, the arrested accused have been identified as Devendra Sharma and Nikhil Luthra, residents of Najafgarh in Delhi and directors of Terrapulse Private Limited. Both were arrested from Faridabad, Haryana following an investigation into the financial trail.
Preliminary findings indicate that the company’s bank accounts have been linked to more than ₹25 crore in suspicious transactions. Police said the accounts are connected to over 250 cybercrime complaints, more than 50 FIRs registered across the country, and at least 40 identified victims. Investigators estimate that the overall fraud may have amounted to ₹50–60 crore.
The investigation began after a doctor from Jaipur filed a complaint alleging that he had been cheated of ₹61.77 lakh after responding to online advertisements promoting a fraudulent investment platform called Vikasa Capital. The advertisements were allegedly circulated through Google and various social media platforms.
Police said the fraudsters lured the victim by promising exceptionally high returns through investments in Indian and US stock markets, including participation in fake IPO offerings. The victim was later persuaded to install a fraudulent investment application using links sent through WhatsApp and Telegram.
Investigators said the accused initially allowed the victim to withdraw a small amount to gain his confidence. Once trust had been established, the victim was encouraged to invest increasingly larger sums, including in a purported “Satkar Shopping IPO.” When he later attempted to withdraw his funds, the application displayed a message claiming that his account had been blocked by a foreign regulatory authority. Shortly thereafter, the accused allegedly became unreachable.
Tracing the financial transactions, investigators found that money received from victims was deposited into current accounts opened in the name of Terrapulse Private Limited with two private sector banks. The funds were then allegedly transferred rapidly through multiple accounts in an apparent attempt to conceal the ultimate beneficiaries and complicate the money trail.
Police are also examining how the company’s bank accounts continued to remain operational despite allegedly being linked to numerous cybercrime complaints. Investigators are assessing whether regulatory monitoring systems or internal banking controls failed to identify the suspicious transaction patterns at an earlier stage.
According to the Future Crime Research Foundation (FCRF), fake trading and IPO investment scams increasingly rely on deceptive social media advertisements, messaging applications, and fraudulent investment platforms to gain the confidence of investors. Experts advise investors to verify the regulatory status of any investment platform through the appropriate financial regulator before investing and to avoid acting on unsolicited investment offers received through WhatsApp, Telegram, or social media without independent verification.
The investigation is continuing, with police examining the broader financial network, beneficiary accounts, and the possible involvement of additional suspects. Authorities are also exploring whether the fraud is linked to a larger organised interstate or international cybercrime syndicate.
