Delhi Trader Scammed in Multimillion Stock Fraud Bust

Two men from Jaipur, Prashant Jangid and Pradhyumn Singh Chauhan, were arrested for defrauding a Delhi man of Rs 36.48 lakh by pretending to offer investment opportunities in stocks and IPOs. The suspects orchestrated their scheme through fake trading apps and a chat group promising returns.

Two cyber fraudsters have been apprehended for allegedly swindling a Delhi resident, Samuel Thomas, of Rs 36.48 lakh under the guise of enticing investment opportunities in IPOs and stocks, according to authorities.

Police identified the culprits as Prashant Jangid, 25, and Pradhyumn Singh Chauhan, 26, both hailing from Jaipur, Rajasthan. A thorough investigation led to their arrests, following Thomas's report to the cyber crime police in November 2023.

Investigations revealed that Thomas was recruited into a messaging group that promoted a fraudulent stock trading program. Initially allowed small withdrawals to build trust, Thomas found himself unable to access larger funds after transferring significant sums. The probe uncovered a complex network of mule accounts and shell companies channeling the defrauded money. Police raids in Mohali, Punjab, and Agra, Uttar Pradesh, led to the recovery of incriminating devices and the duo's confessions.

(With inputs from agencies.)