Balangir Police Busts Online Trading Fraud; 4 Arrested from Rajasthan

Balangir: A major cheating racket operating in the garb of online trading was busted by the Balangir police with the arrest of four fraudsters from Rajasthan.

This racket was operating from the border regions of Haryana, Punjab, and Rajasthan. Police have frozen Rs 85 lakh in fraudulent bank accounts.

The arrested persons were Vikas Parikh and Vilan Singh from Churu district, Harshit Chauhan from Sri Ganga Nagar district, and Vijay Ray Sharma from Shikar district of Rajasthan.

They were investing the illicit funds generated through online fraud in cryptocurrencies and were living a lavish lifestyle.

According to the Balangir police officials, investigation is on to identify and arrest the others involved in the racket including the IT professionals, who created the mobile app meant for cheating.

An investigation was taken up when a person of Balangir reported losing Rs 75 lakh to cyber fraud. The complainant was lured into online trading through WhatsApp and Telegram links, promising huge profits. Initially he got some returns, but when he invested a huge sum of Rs 75 lakh, his total investment was diverted to the fraudsters’ account.

Preliminary investigation suggest the online scam was run by highly educated individuals, including a Chartered Accountant, through a mobile app to target victims.