The cybercrime cell of the Chandigarh Police has arrested an accused involved in a sophisticated stock market fraud case that duped a retired professional of Rs 3.66 crore. The accused, identified as Chander Mohan Singh, 32, was apprehended while already lodged in Tihar Jail No. 3, New Delhi. He was brought to Chandigarh on a production warrant with court approval.
The case was registered on May 23, 2024, following a complaint by Surinder Kumar Thakur, a resident of Sector 49, Chandigarh. According to the police, Thakur was lured into investing in a fake online trading platform that falsely claimed affiliation with SMC Global Securities Limited, a reputed brokerage firm.
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Thakur stated that he joined a WhatsApp group named ‘P15 Stock Market Exchange Club’ in December 2023. The group members, posing as financial experts and market analysts, initially gained his confidence by sharing seemingly accurate stock predictions. They eventually persuaded him to open an “institutional account” via a fraudulent app called ‘SMCLE’.
From February 16 to March 25, 2024, Thakur transferred Rs 3.66 crore into various bank accounts, believing he was investing in high-return “upper circuit” stocks. However, he later discovered that he was unable to withdraw or access his funds, and all operations were controlled by the accused.
The police have intensified investigations to trace the full extent of the fraud network and recover the siphoned funds. More arrests are expected as the probe unfolds.