Gurugram Cyber Police recently made a significant breakthrough by uncovering a stock market investment scam and apprehending three individuals, including a Punjab National Bank employee. This development marks another instance of bank employees being implicated in cyber fraud cases, bringing the total number of arrests to eleven.
The bank employee in question, Devender Sharma from Punjab National Bank’s Jaipur branch, allegedly played a key role in the scam by providing bank accounts to the fraudsters. The scheme involved convincing a Gurugram resident to invest a substantial amount of Rs 44.57 lakh in fake stock market investments with the promise of lucrative returns.
Following the victim’s realization that he had fallen victim to a fraud, an FIR was filed on April 17th, leading to the arrest of Devender Sharma, along with his accomplices Imran and Hasrat Ali (known as Happy), all residents of Jaipur.
The investigation unveiled the modus operandi behind the scam, revealing that Sharma had opened a fraudulent firm account with the help of Imran, which was then accessed by Happy. A portion of the defrauded amount was channeled into this account, subsequently sold to cybercriminals for a profit. Sharma and Imran reportedly received a cut of the proceeds for facilitating the fraudulent scheme.
DCP (ACP Cyber) Siddhant Jain stated that the accused are currently undergoing interrogation to shed more light on the operations of the scam. The Times of India’s dedicated Tech Desk is committed to providing the latest news from the tech world, offering insights on gadget launches, reviews, trends, and in-depth analyses that impact technology and digital innovations.
As the investigation into the stock market investment scam unfolds, the collaboration between law enforcement agencies and cybersecurity experts continues to play a crucial role in combating financial fraud and protecting unsuspecting individuals from falling victim to such schemes.
