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Delhi woman defrauded of Rs 23 lakh; investigation uncovers cybercrime ring involving police

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The arrest of a fraudster in Delhi has shed light on a shocking case of deception and financial exploitation. The victim, a 32-year-old woman from Usmanpur, fell prey to a scam orchestrated by con men posing as representatives of Binance Holdings, a renowned company in the field of cryptocurrency trading. The fraudster managed to swindle a staggering amount of Rs 23.5 lakh from the woman by promising her substantial returns through cryptocurrency investments.

The woman’s ordeal began innocuously enough, with an initial investment of Rs 1,000 yielding instant returns of Rs 1,300. Encouraged by these early gains, she continued to invest larger sums at the behest of the fraudsters. However, the scheme took a sinister turn when the con men informed her that her account had been frozen and demanded more money to unlock it. Desperate to recoup her funds, the woman ended up taking a loan of Rs 15 lakh, only to discover that she had been duped when her bank alerted her to the suspicious transactions.

Following the victim’s complaint, the Delhi Police North East Cyber Crime Cell launched an investigation into the elaborate scam. Their sleuthing revealed that the fraud was orchestrated by a network of cybercriminals based in the Maujpur area of North East Delhi. The money siphoned from the victim was traced to 11 different bank accounts, with a significant sum of Rs 9.64 lakh credit to an ICICI corporate bank account in Meerut.

Further analysis uncovered that a total of approximately Rs 1.44 crore was transacted through the said bank account in a single day. Technical surveillance led the police to the IP logs of the debit transactions, which originated from a rented accommodation in Maujpur. Subsequently, Mohammad Daud (29) was apprehended in connection with the scam, with a portion of the ill-gotten gains frozen in the ICICI Bank account.

Daud confessed his involvement in the fraudulent scheme, divulging that he and his associates capitalized on WIOM networks by connecting to existing users’ Wi-Fi in Maujpur for a nominal fee. The ruse involved posing as representatives of reputable companies like Binance to lure victims into fake investment schemes, through which the laundered money passed via multiple bank accounts. Daud, it is alleged, pocketed hefty commissions for each transaction.

Despite Daud’s confession, the hunt for his accomplices hit a dead end as the account holders of the 11 bank accounts proved unreachable or had vacated the addresses provided in their bank details. Interrogations revealed that Daud’s motivation stemmed from a desire for a lavish lifestyle, as he had reportedly been part of the fraudulent operation for over a year.

The arrest of Daud and the unraveling of the scam serves as a cautionary tale against falling victim to fraudulent investment schemes. The Delhi Police’s swift action in apprehending the fraudster underscores their commitment to combating cybercrime and ensuring justice for victims of financial fraud. As investigations continue, the full extent of the scam and its impact on unsuspecting individuals is yet to be fully ascertained.

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