Madhya Pradesh: International Gang Exposed For Investment Fraud In Neemuch, 8 Held

Neemuch (Madhya Pradesh): The gang's strategy involved convincing individuals to open bank accounts in their names, often under the guise of needing accounts for business purposes. They would then use these accounts to conduct illegal transactions, including crypto trading through a trading app, which involved transactions worth crores of rupees

An international gang operating from abroad has been exposed, leading to the arrest of eight persons involved in a scheme that defrauded people by promising high returns on investments through the Telegram messaging app.

The operation was uncovered through a joint effort by the Cyber Cell and Baghana police station. As per reports, the gang was known for luring people with the promise of quick profits in exchange for their investments. They utilised Telegram to communicate and orchestrate their fraudulent activities. The main operator of the gang, a resident of Jodhpur, was reportedly managing the operations from outside the country.

MODUS OPERANDI

The gang was being operated under the guise of Forex Money Exchange. One of the victims, Piyush Kumar, reported that his acquaintances had deceived him into opening a bank account for their fraudulent activities. Following this, a case was registered and a special police team was formed for investigation.

Police got a tip off

Acting on a tip-off, police arrested accused named as Manish Vishnoi (21, Jodhpur), Shubham Bhatt (30, Jaipur), Tarun Vyas (21, Jodhpur), Bhupendra Singh (21, Jodhpur), Vinod Vishnoi (20, Phalodi), Mukesh Vishnoi (25, Jodhpur), Sundar Vishnoi (19, Jodhpur), Nikhil Bhosale (Neemuch) and a juvenile offender.

A substantial amount of evidence, including Rs 11 lakh cash, note counting machine, two ATM swap machines, three CPUs, one laptop, 28 mobile phones, 44 ATM cards, passbooks and 10 chequebooks, passport, and registers containing account details, are seized. The gang's strategy involved convincing individuals to open bank accounts in their names, often under the guise of needing accounts for business purposes.

They would then use these accounts to conduct illegal transactions, including crypto trading through a trading app, which involved transactions worth crores of rupees. Victims were often promised commissions and small amounts of money to incentivise them to provide their banking details, including ATM cards and SIM cards linked to their accounts.

The gang would then use these accounts to withdraw cash and transfer funds, effectively laundering the money through a network of fake accounts. Additionally, 119 bank accounts linked to the gang have been frozen as part of the ongoing investigation.