Delhi Cops Bust Rs 50 Lakh Stockbroker Scam

Three men from Odisha were arrested for running a cyber fraud network posing as SEBI-registered stockbrokers in a scam worth Rs 50 lakh. The group orchestrated an investment scam involving 165 complaints nationwide and conducted transactions worth Rs 6.33 crore using shell entities and mule accounts.

In a significant breakthrough, Delhi Police have apprehended three individuals accused of orchestrating a nationwide cyber fraud network. The alleged perpetrators impersonated SEBI-registered stockbrokers to execute a scam potentially defrauding victims of almost Rs 50 lakh, an official disclosed on Monday.

The suspects, Pravash Chandra Panda and his nephews, are linked to 165 complaints across India, indicating transactions totaling Rs 6.33 crore. The arrests follow a detailed probe into a case from Dwarka, where the complainant was swindled using fake SEBI credentials, explained Deputy Commissioner of Police (Crime) Aditya Gautam.

Investigation revealed a complex network involving manipulated trading interfaces, shell entities, and mule accounts, notably linked to M/s Shriji Apparels. Extensive digital and financial evidence highlights the syndicate's coordinated efforts to conceal and disperse the illicit funds. Authorities are continuing to pursue further leads in the investigation.

(With inputs from agencies.)