PANAJI
The Cyber Crime police on Saturday arrested a Madhya Pradesh native in connection with a massive online stock market fraud case amounting to Rs 2.44 crore approx.
Superintendent of Police (Cyber Crime) Rahul Gupta said the accused Neeraj Raiz aged 50, played a key role in managing mule bank accounts and was responsible for routing Rs 3 lakh of the defrauded amount to various accounts with the account linked to 40 fraud cases reported across India.
The offence has been registered under Sections 318(4), 319(2) read with 3(5) of the BNS and Section 66-D of the Information Technology Act, based on a complaint filed by Ponda based resident
"Between November 25, 2024 and January 7, 2025, the complainant was contacted via Facebook and WhatsApp by unknown individuals posing as stock market trading experts. The fraudsters induced the complainant to invest in fake online stock market schemes with promises of high returns, thereby cheating him to the tune of Rs. 2.44 crores through multiple bank transactions," Gupta said.
Based on investigation and financial analysis, a suspect was identified and traced to Narsinghpur, Madhya Pradesh. He was arrested subsequently.
"During interrogation, it was revealed that the accused played a key role in managing mule bank accounts and was responsible for routing Rs 3 lakh of the defrauded amount to various accounts. His bank account is also found involved in 40 other cases across the country. He is believed to be part of a larger network actively engaged in the circulation of fraudulent funds," the SP added.
The accused has been remanded to five days police custody.
