The Cyber Crime Police in Noida have apprehended a 23-year-old man for his alleged involvement in a major online investment fraud, where he permitted cybercriminals to channel illicit funds amounting to Rs 80.60 lakh through his bank account.
The Arrest and the Charges
Ashish Pal, a resident of Ayodhya, was taken into custody on Wednesday in connection with a stock market investment scam that was originally reported in September. According to Deputy Commissioner of Police (Cyber) Shavya Goyal, a formal case was registered on September 1 under specific legal provisions.
The charges invoked include sections 318(4) for cheating and 319(2) for cheating by personation from the Bharatiya Nyaya Sanhita (BNS), alongside Section 66D of the Information Technology Act.
How the Elaborate Scam Unfolded
The victim in this case was deceived into parting with a massive sum of Rs 80.6 lakh after being enticed by promises of high returns through a fraudulent stock trading platform. As the investigation progressed, cyber police officials identified and froze several suspicious bank accounts that were used to siphon off the defrauded money.
One of these accounts was traced back to Ashish Pal. During interrogation, Pal revealed to investigators that he was initially contacted by an unknown individual on Facebook, who later connected with him via WhatsApp. This person allegedly offered him a commission in exchange for opening a current bank account to facilitate financial transactions.
The Money Trail and Wider Implications
Acting on the instructions of the fraud gang, Pal travelled to Lucknow and stayed at a hotel with the accused group for five to six days. He disclosed that he was paid Rs 50,000 to open an account in the name of Pal Enterprises at the Bank of Baroda's Kumarganj branch.
Police analysis of the account's transactions revealed that approximately Rs 7.30 lakh directly linked to the September fraud case had passed through it. Shockingly, an additional sum of around Rs 99 lakh, connected to other cyber crime complaints, was also routed through Pal's account, highlighting its use in a broader network of illicit activities.
This arrest underscores the persistent threat of cyber crime and the methods used by fraudsters to recruit individuals for laundering money. The Noida cyber police continue their probe to identify and apprehend the other members of the criminal gang behind this sophisticated online investment fraud.
