Jaipur: Rajasthan Police’s cyber crime unit Thursday busted an interstate cyber fraud racket that allegedly cheated investors of more than ₹50 crore through fake online trading and IPO investment platforms. Two Delhi-based company directors were arrested for allegedly routing the proceeds through shell company bank accounts, police said.
Nikhil Luthra
ADG (Cyber Crime) V K Singh said Devendra Sharma and Nikhil Luthra, directors of Terrapulse Private Ltd and residents of Najafgarh in Delhi, were arrested in Faridabad.Investigators said the company’s bank accounts have so far been linked to more than ₹25 crore in suspicious transactions, over 250 cybercrime complaints, more than 50 FIRs across the country and at least 40 victims. The overall fraud is estimated at ₹50-60 crore.The case came to light after a Jaipur doctor alleged he was duped of ₹61.77 lakh after being lured through Google and social media advertisements promoting a fake investment platform, Vikasa Capital.According to police, the fraudsters promised high returns through IPOs and investments in Indian and US stock markets before persuading the victim to install a fraudulent investment application using links sent via WhatsApp and Telegram.To gain his confidence, the accused allegedly allowed the victim to withdraw a small amount initially before inducing him to invest larger sums, including in a purported “Satkar Shopping IPO.” When he later attempted to withdraw his money, the platform displayed a message claiming his account had been blocked by a foreign regulatory authority. The accused then became unreachable.Singh said investigators traced the money trail to bank accounts opened in the name of Terrapulse Private Ltd with two private banks. Police alleged the accounts were used to receive money from victims before the funds were swiftly transferred elsewhere.Investigators are also examining how the company’s current accounts continued to operate despite being allegedly linked to multiple cybercrime complaints.
