UP Police Busts Rs 15 Crore ‘Currency Trading’ Fraud, 1 Arrested: Cops

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The person arrested was identified as Shoib Mansoori (24).

Naida:

With the arrest of a person from Madhya Pradesh, the cybercrime wing of the Uttar Pradesh police on Tuesday claimed to have busted a pan-India “currency exchange” fraud involving fake demat accounts.

Around 500 such accounts have been opened and people have been duped out of Rs 15 crore by a gang, whose key member was arrested in Dewas in Madhya Pradesh, police said.

A team from Noida Cyber ​​Crime Police Station led by Inspector Reeta Yadav was investigating a complaint from a resident of Ghaziabad who claimed he was duped out of Rs 15 lakh on the pretext of investing in currency trading.

The arrested person has been identified as Shoib Mansoori (24), Uttar Pradesh Cyber ​​Police said in a statement.

“He is a key member of a gang who deceived people out of millions of rupees by opening dematerialization accounts in the name of currency trading,” police said. Explaining the gang’s modus operandi, police said Mansoori opened the accounts after asking his partners to call potential targets.

The gang had opened an office by the name of ‘Amdani Solution’ in Indore, Madhya Pradesh.

“To access all demat accounts, the admin used to keep the username and password with him. A fraudulent Android application for trading — MetaTraders — has been created and can be downloaded from Play Store,” police said in the statement.

The money was taken from the client in different bank and demat accounts. The amount reflected in the demat account was visible to the customer only in numbers, which seemed to be increasing but in reality it was not. Because of this, the client trusted and invested more money, they added.

Later, when the customer wanted to profit from this amount, more money had to be transferred to different bank accounts in the name of GST conversion fee and settlement fee, according to the statement.

About 500 such accounts were opened and people in different states were duped out of about Rs 15 crore, police said.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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