An alumnus of the Jodhpur University was arrested by the Delhi Police from Jodhpur for allegedly duping a 34-year-old engineer of almost Rs 12 lakh on the pretext of providing good returns by investing in the share market and cryptocurrency through online platforms.

According to the police on Friday, the victim Ankit was impressed after receiving high returns in a short time. The accused has been identified as 24 year old Subhash Bishnoi , who worked for an online media firm, and is a part of the nexus which cheated the victims.

Deputy Commissioner of Police (northeast) Joy Tirkey said, "On January 2, a complaint was received from Ankit, who is an engineer by profession, regarding cyber fraud of almost Rs 12 lakh."  Ankit told police that on October 31, he received a proposal on social media to earn high profits in a short time by trading in the share market and cryptocurrency.

"As he showed his interest, he was initially advised to invest Rs 10,000, for which he received Rs 15,000 after a few days... He again invested Rs 15,000 and received Rs 20,000 as return in lieu of that. Now, as his trust was established, on the advice of the fraudster, he invested Rs 11.93 lakh within three days, but this time he didn't get anything," said the DCP.

Police said that an FIR was registered under section 420 (cheating) of the IPC and further investigation was taken up. During the course of investigation, the team followed the money trail and it was found the whole cheated amount was deposited in four different banks, out of which Rs 9 lakh was credited in a private bank in Jodhpur, said the DCP, adding that the amount was further transferred in other bank accounts and withdrawn.

"On a detailed analysis, the team managed to procure details of the bank account and one person was identified, who accessed the account online through net banking credentials in Jodhpur. A raid was conducted and accused Bishnoi was apprehended," said the DCP.

The officer further said that Bishnoi allegedly confessed his crime and disclosed that he is a postgraduate from the Jodhpur University and works for an online media firm. "He further revealed that he is a part of a gang that used to cheat innocent people, using social media applications on the pretext of (providing) high returns within a short time. We have freezed four bank accounts with 8.66 lakh cheated money.