Maharashtra Man Busted for Fraud Scheme Duping Investors

A 29-year-old man was arrested in Maharashtra for defrauding investors of over Rs 48 lakh in Delhi using a fake trading app. Posing as a financial services representative, Jitendra Sharma facilitated fraudulent transactions through shell companies. Police seized evidence and are working to trace the network.

A 29-year-old man, Jitendra Sharma, was apprehended in Maharashtra for allegedly defrauding investors of more than Rs 48 lakh in Delhi. Authorities report Sharma used a fake trading application to swindle funds, posing as a financial services company representative and using shell companies for transactions.

Sharma orchestrated numerous fraudulent transactions by posing as the Managing Director of a private company, linking his company's bank accounts with 46 complaints on the National Cybercrime Reporting Portal. Sharma had previously been arrested for cyber fraud in Faridabad.

During a May 16 raid, police confiscated various items including mobile phones, a laptop, and Rs 80,000 in cash. The investigation, driven by digital footprints and KYC analysis, is ongoing to identify other suspects and recover the stolen funds.

(With inputs from agencies.)