Haryana Police have arrested two bank employees from Uttar Pradesh in connection with an alleged ₹1.50 crore online trading fraud, accusing them of helping cyber criminals open fraudulent bank accounts and route stolen money through multiple accounts. The accused have been remanded to seven days of police custody as investigators continue to probe the wider network.
Fake Trading App Used to Trap Victim
According to investigators, the arrested accused have been identified as Rishabh Vaishya and Anupam Kumar Singh, residents of Sitapur and Hardoi districts of Uttar Pradesh. Police alleged that the two bank employees worked with cyber fraudsters to create bank accounts that were later used to receive and transfer proceeds of online investment fraud.
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The case began with a complaint by a Panchkula resident who was allegedly contacted through Telegram in November 2023 and promised high returns from online trading. Investigators said the fraudsters persuaded the victim to download a fake trading application and initially showed fictitious profits to gain trust.
Victim Lost Nearly ₹1.50 Crore
Police said the victim was later convinced to transfer money in multiple instalments on the pretext of additional investments and tax clearance charges. The victim ultimately lost nearly ₹1.50 crore, following which a case was registered at the Cyber Police Station in Panchkula on October 10, 2024.
During the probe, officials traced nearly ₹20 lakh of the defrauded money to a bank account belonging to Sandeep Kumar Singh, a resident of Hardoi. He was arrested on June 25. During questioning, Sandeep allegedly disclosed that the account had been opened with the help of Rishabh Vaishya and Anupam Kumar Singh and was later used to receive cyber fraud proceeds.
Eight Accused Arrested So Far
Based on the disclosure and supporting financial evidence, police arrested both bank employees. Investigators are now examining banking records, account opening documents, transaction trails and digital evidence to determine the extent of their involvement and identify other members of the syndicate.
Police said eight accused have been arrested in the case so far. Further interrogation during police custody is expected to reveal more information about the movement of funds, the identities of other conspirators and the methods used by the network.
Cybercrime expert and former IPS officer Prof. Triveni Singh said online trading frauds often begin with social engineering, where fraudsters build trust by showing fake profits before persuading victims to invest larger amounts. He warned people against downloading trading applications or investing through links shared on messaging platforms without independently verifying their authenticity.
