UP Police Arrest Two for Rs 48.5 Lakh Share Market Fraud

According to officials, the Uttar Pradesh Police cybercrime unit has arrested two people involved in a fraudulent scheme that duped a victim out of Rs 48.5 lakh by posing as a share market trader.
They reported that Rishabh Mishra and Dheeraj Porwal were apprehended near an under-construction flyover in Aghapur, Noida Sector-41.
On April 16, the victim filed a complaint with the cybercrime police station in Sector 36, alleging a loss of Rs 48.5 lakh in a share trading scam, and a FIR was filed on charges of cheating, forgery, and criminal conspiracy, a police spokesperson stated.

“On June 19, the cybercrime police identified and arrested Rishabh Mishra, a private bank employee accused of opening accounts for fake firms, and Dheeraj Porwal, who posed as a business owner,” the official stated.

Regarding the accused’s method of operation, the spokesman claimed that in order to deceive people, they set up a fraudulent trading platform and moved illegal money into accounts opened in the names of imaginary companies.
Porwal rented a store in New Ashok Nagar, Delhi, posing as a trader and calling it Porwal Traders. They created banners and stamps for several fictitious businesses using this address, the official said. They also opened bank accounts in their names and transferred lakhs of rupees obtained through fraudulent activities into those accounts.
According to police, they have frozen Rs 3.25 lakh across multiple bank accounts connected to the fraudulent activities and taken possession of a mobile phone that was used in the crime.

Police also stated that the FIR was filed under sections 66 and 66D of the IT Act, which deal with computer-related offenses and cheating by impersonating someone using computer resources, as well as IPC sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using as genuine a forged document), and 120B (criminal conspiracy).

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