Delhi Police Uncover Major Investment Scam, Two Arrested
Investment scam busted in Delhi; 2 held for Rs 1.6-lakh fraud
News 18
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The Delhi Police have arrested two individuals for their involvement in an investment scam that defrauded a local resident of ₹1.60 lakh (approximately $1,930). The scam is linked to a larger network of cyber fraud totaling around ₹68 lakh (approximately $8,200) across multiple states in India.
- 01Two individuals arrested in connection with a ₹1.60 lakh fraud case.
- 02The scam involved a fictitious stock market scheme by 'Elara Capital Investment Company'.
- 03The fraud network is linked to a total of ₹68 lakh across several states.
- 04Accused used social media to lure victims into investing.
- 05Investigation revealed the use of mule accounts to facilitate the fraud.
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The Delhi Police recently dismantled an investment scam and arrested two individuals, Gurinder Sharma (25) from Chandigarh and Pradeep Kumar Doobe (31), for allegedly cheating a local resident out of ₹1.60 lakh (approximately $1,930). The victim was lured through social media into a fictitious investment scheme named 'Elara Capital Investment Company'. After transferring the money in eight transactions, the victim realized he had been defrauded and reported the incident on the National Cyber Crime Reporting Portal in November 2025. Investigators traced the funds, revealing that the scam was part of a larger cyber fraud network involving around ₹68 lakh (approximately $8,200) across multiple states, including Himachal Pradesh, Andhra Pradesh, Punjab, and Maharashtra. The accused were found to have used mule accounts to receive and transfer the stolen money, with Sharma acting as a mule account holder and Doobe facilitating money laundering through a petrol pump's merchant account. Police recovered two mobile phones and three bank passbooks from the suspects, who are believed to have targeted victims by posing as representatives of a fake investment firm.
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This scam highlights the growing threat of cyber fraud, particularly through social media, affecting individuals' financial security.
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