Jaipur: State Cyber Crime Police Saturday arrested a Nagpur-based man for allegedly helping siphon off money in a Rs 23 lakh IPO investment fraud in which victims were lured with promises of unusually high returns.The accused, Nirmal Verma, was arrested from Nagpur following a technical investigation by the State Cyber Crime Police Station in Jaipur and brought to the city on a transit warrant.Additional DG (Cyber Crime) VK Singh said the case was registered on Feb 21, 2024, after Suresh Saini, a resident of Nawalgarh in Jhunjhunu district, complained that he had been added to a fake investment group through a WhatsApp link.According to police, the fraudsters persuaded the complainant to open a fake institutional investment account and promised to multiply his investment through IPO allotments. Believing the claims, the complainant and his acquaintances transferred nearly Rs 23 lakh through UPI, QR codes and RTGS into multiple bank accounts.Investigators said the gang first lured victims into WhatsApp groups and then displayed fictitious profits on a fake investment portal to gain their confidence. Once larger investments were made, the money was allegedly routed through multiple bank accounts before being withdrawn using ATMs, net banking and cash transactions.During the investigation, police analysed bank accounts, KYC records, bank statements, call detail records and other digital evidence. They found that Rs 5 lakh transferred by the complainant through RTGS had been credited to a bank account allegedly operated by Verma, leading to his arrest.Police said two other accused, Ajit Singh and Ajay Singh alias Chinnu, had already been arrested. Investigators are now working to identify the remaining members of the alleged cyber fraud network and trace the flow of the defrauded money.
