Daijiworld Media Network - Panaji
Panaji, Apr 27: The Cyber Crime police on Saturday arrested a 50-year-old Madhya Pradesh native in connection with a massive online stock market fraud case amounting to approximately Rs 2.44 cr.
Superintendent of Police (Cyber Crime) Rahul Gupta identified the accused as Neeraj Raiz, who played a crucial role in managing mule bank accounts and routing fraudulent funds. Gupta said Raiz was directly responsible for channeling Rs 3 lac of the defrauded amount into various accounts, and his bank account is linked to 40 other fraud cases reported across India.
The case has been registered under Sections 318(4), 319(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66-D of the Information Technology Act, following a complaint filed by a Ponda-based resident.
Giving details of the case, Gupta said, "Between November 25, 2024, and January 7, the complainant was contacted via Facebook and WhatsApp by unknown persons posing as stock market trading experts. The fraudsters lured the complainant into investing in fake stock market schemes, promising high returns, and cheated him of Rs 2.44 cr through multiple transactions."
Following an intensive investigation and financial trail analysis, the suspect was tracked to Narsinghpur, Madhya Pradesh, and arrested.
"During interrogation, it was revealed that the accused actively managed mule accounts used to circulate fraudulent money and is suspected to be part of a larger network involved in similar cybercrimes," Gupta added.
The accused has been remanded to five days of police custody as investigations continue.