Jaipur: A fake investment portal used fictitious profits, a trial withdrawal and a purported IPO allotment to dupe a complainant of Rs 61.77 lakh, Rajasthan Police said Wednesday.A man whose bank account allegedly received Rs 5 lakh of the defrauded money has been arrested in the case.The complainant approached State Cyber Crime Police Station on Jan 23, 2025, alleging that he had been cheated after searching online for share-market and IPO investment platforms. He came across a portal which promised attractive, assured returns from IPOs, US stocks and the Indian stock market.The fraudsters allegedly contacted him through WhatsApp and Telegram groups, persuaded him to install a fake application and directed him to transfer small amounts into specified bank accounts. The portal showed supposed profits, and a small withdrawal was arranged successfully to make the platform appear genuine.Once the complainant had gained confidence in the scheme, the fraudsters told him he had been allotted an IPO.Lured by the prospect of higher returns, he transferred larger sums to accounts linked to several firms. The portal continued to display inflated investment values and fictitious gains.When he tried to withdraw the money, a message falsely claimed that a foreign investment institution had frozen his account. The accused then allegedly began avoiding his calls, and the complainant realised he had been cheated.Investigators traced Rs 5 lakh of the amount to a bank account held by Sujit Dinkar Patil. Bank statements showed that the money had been transferred into the account on Jan 16, 2025, and withdrawn through ATMs and IMPS transactions on Jan 16 and 17.Central Cyber Police Station team in Jaipur used technical and financial evidence, along with Cyber Police Portal and ICJS portal, to identify Patil as the account holder. Police found that he had been arrested in another case in Delhi and was in judicial custody. They obtained a production warrant to question him in the Rajasthan case and subsequently arrested him.Additional Director General of Police (Cyber Crime) V K Singh said the investigation was continuing to trace the money, establish how it was withdrawn and transferred, and identify others allegedly involved in the fraud.
