Faridabad: A major cyber fraud racket has been busted in a case involving fake promises of high returns in the stock market, in which three accused have been arrested for allegedly cheating a person of ₹72.74 lakh.
The arrested individuals have been identified as Sanjeev, Asif, and Javed. Police have taken all three into custody on remand and launched a detailed investigation into the wider network.
The Mock Application and Phased Inducement
The case was registered based on a complaint filed by a resident of Sector-81, who stated that in September 2025 he received a WhatsApp message promoting high-profit stock market investment opportunities. He was subsequently added to a WhatsApp group where “trading tips,” “guaranteed returns,” and “high profit schemes” were regularly shared. Initially, small gains were shown to build trust gradually.
According to the investigation, the fraudsters shared a fake investment app link and persuaded the victim to create an account. They then began directing him to transfer money into multiple bank accounts under the guise of investment. In the early stage, the app displayed artificial profits to convince him that the platform was genuine and highly profitable, leading him to continue investing larger amounts.
After some time, when the victim attempted to withdraw his funds, the accused started demanding additional payments under various pretexts such as “withdrawal charges,” “tax clearance,” “security freeze,” and “processing fees.” Continuous pressure and repeated demands for money raised suspicion, eventually leading the victim to realize that he had been defrauded.
FCRF’s Flagship Cyber Law Certification Returns With a New Four-Week Cohort
Shell Firm Routing and Interstate Links
Police investigations revealed that the entire operation was run through a structured network using multiple bank accounts. A firm named SK Enterprises, registered in the name of accused Sanjeev, was used for financial transactions. Sanjeev allegedly handed over access to this account to Asif and Javed, who used it to route fraudulent funds. A portion of the cheated money was transferred into this account, while the remaining amount was layered through several other accounts to conceal the money trail.
Officials said the racket is not limited to one region and may have links extending to Uttar Pradesh, Rajasthan, and other states. Preliminary findings suggest that the accused used fake companies and digital platforms to run multiple fraudulent investment schemes targeting unsuspecting individuals.
Replication of Digital Ecosystems and Dashboards
Cyber experts noted that such “high-return investment scams” have become one of the fastest-growing forms of online financial fraud. According to cyber crime expert and former IPS officer Professor Triveni Singh, fraudsters today do not rely only on fake calls or messages but replicate entire digital ecosystems.
“They create cloned apps, fake trading dashboards, and even supporting banking networks to make the platform appear completely legitimate. This makes it extremely difficult for ordinary investors to distinguish between genuine and fake systems,” he said.
He further emphasized that the biggest mistake victims make is investing without verification. “Any scheme promising unusually high returns or creating urgency for immediate investment is a major red flag,” he added.
Verification Mandates and Recovery Mechanisms
Police and cyber security agencies have advised the public not to trust unknown WhatsApp groups, social media links, or investment offers found through search engines. Investments should only be made through SEBI-registered and authorized platforms.
Authorities also reiterated that victims should immediately report cyber fraud incidents through the national cyber crime helpline 1930 or the official cyber crime portal, as quick reporting increases the chances of fund recovery.
Investigators are currently tracking additional members of the network, related bank accounts, and digital transactions, and further arrests are likely as the probe continues.
