Delhi Stock Scam Unveiled: Police Arrest Key Facilitators

The Delhi Police have apprehended two individuals for their role in a stock market scam defrauding a resident of Rs 2.35 crore. The suspects, Sajjad Ahmad and Uttam Mandal, enabled the crime by providing mule accounts that masked the transaction trail.

The Delhi Police have cracked down on a sophisticated stock market scam, arresting two men accused of defrauding a local resident of nearly Rs 2.35 crore. The suspects exploited their positions as mule account providers, an official revealed on Sunday.

The police investigations uncovered that Sajjad Ahmad, 35, and Uttam Mandal, 40, were integral in facilitating organized cybercrime. They obtained bank accounts from unsuspecting individuals, promising profits and surrendering the complete banking kits to cybercriminals operating nationwide.

The accusations came to light after a complainant was lured online by a fake investment advisor purporting significant returns. After substantial deposits were made, withdrawals were blocked through dubious excuses and pressure tactics. A deep investigation revealed a complex network of layered accounts used to mask the fraud's proceeds.

(With inputs from agencies.)