2 held for Rs 7 lakh fake stock investment fraud

A promise of quick profits turned into a costly trap, as Delhi Police arrested two men for allegedly cheating a person of around Rs 7 lakh through a fake stock investment scheme operated on social media.

The accused, identified as Shashikant Sharma and Deepak, were arrested from the Palam area on April 5 following an investigation by the Cyber Police Station in Shahdara. Police said the duo was part of a larger syndicate that targeted victims by posing as investment professionals. The case was registered after a complaint was filed by a man who alleged that he had been lured into an online investment scheme that promised high returns. According to police, the fraudsters contacted the victim through a social media platform and added him to a group where they projected themselves as representatives of a legitimate firm. Officials said the accused used a calculated approach to gain the victim’s trust.

They initially shared stock recommendations and analysis reports at no cost. These appeared credible and were designed to convince the victim of their authenticity.

Over time, the complainant was persuaded to invest money in what was presented as stock market opportunities, including initial public offerings. Police said the victim was shown a fabricated portfolio that reflected false investments and profits. The deception continued until the victim attempted to withdraw his money. When he failed to access the funds, he realised that he had been cheated and approached the police.

During the investigation, officers traced part of the defrauded amount to a bank account linked to a shell entity operating from a virtual office in central Delhi. This led to the identification and arrest of the accused.