On Saturday, the Cyber Crime police arrested a 50-year-old man from Madhya Pradesh in connection with a significant online stock market fraud case involving around Rs 2.44 crore.
Superintendent of Police (Cyber Crime) Rahul Gupta named the suspect as Neeraj Raiz, who was instrumental in managing mule bank accounts and transferring illicit funds.
Gupta stated that Raiz was directly accountable for moving Rs 3 lakh of the stolen money into various accounts, and his bank account is associated with 40 other fraud cases reported throughout India. The case has been filed under Sections 318(4), 319(2) in conjunction with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66-D of the Information Technology Act, following a complaint from a resident of Ponda.
Giving details of the case, Gupta said, “Between November 25, 2024, and January 7, the complainant was contacted via Facebook and WhatsApp by unknown persons posing as stock market trading experts. The cyber fraudsters lured the complainant into investing in fake stock market schemes, promising high returns, and cheated him of Rs 2.44 cr through multiple transactions.”
After a thorough investigation and financial analysis, authorities located and arrested the suspect in Narsinghpur, Madhya Pradesh.
“During interrogation, it was revealed that the accused actively managed mule accounts used to circulate fraudulent money and is suspected to be part of a larger network involved in similar cybercrimes,” Gupta added.
The accused has been remanded to five days of police custody as investigations continue.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
