Cybercrime Duo Nabbed for Rs 48.5 Lakh Share Market Scam

The Uttar Pradesh Police cybercrime unit arrested Rishabh Mishra and Dheeraj Porwal for duping a victim of Rs 48.5 lakh in a share market trading scam. Mishra, a bank employee, and Porwal, posing as a trader, created fake firms and accounts, transferring illicit funds. Several charges have been filed against them.

The Uttar Pradesh Police cybercrime unit has made a significant breakthrough, arresting two individuals involved in a fraudulent share market trading scheme that cost a victim Rs 48.5 lakh. Authorities identified the culprits as Rishabh Mishra, a private bank employee, and Dheeraj Porwal, who posed as a business owner.

The arrests were executed near an under-construction flyover in Noida Sector-41. The operation commenced following a complaint filed on April 16 at the cybercrime police station in Sector 36. The victim reported a substantial financial loss due to the share trading scam, prompting the police to register an FIR encompassing charges of cheating, forgery, and criminal conspiracy.

According to the police spokesperson, Mishra and Porwal operated a fake trading platform, channeling illicit funds into accounts of fictitious firms. Porwal rented a shop in New Ashok Nagar, Delhi, under the guise of 'Porwal Traders', further fabricating bogus firms. The police seized a mobile phone used in the crime and froze Rs 3.25 lakh in various linked bank accounts. The FIR cites multiple sections from both the IPC and IT Act.