Uttar Pradesh Man Arrested in ₹32 Lakh Stock Market Fraud Case

Hathras, Uttar Pradesh: Cybercrime police arrested an accused in a ₹32 lakh online stock market fraud case following a complaint filed by Naresh Rohilla, a resident of Amravati Enclave, on June 20.

Fraud Through Fake Stock Market App

According to reports, Rohilla came across a stock market investment advertisement on Facebook in April. He was directed to download a fraudulent application, where a so-called "relationship manager" persuaded him to invest. Over time, the fraudsters siphoned off more than ₹32 lakh.

Police Investigation and Arrest

Acting on the complaint, the police managed to freeze approximately ₹4.5 lakh of the defrauded money. On August 12, using technical surveillance, the Hathras cybercrime team conducted a raid and arrested the accused, identified as Rohit Sharma.

Sharma was remanded to six days of police custody. Investigators stated that crucial leads have been obtained, and efforts are underway to trace and arrest other members of the fraud network.

Common Stock Market Frauds Highlighted

Financial experts highlight that stock market investors should be cautious of common fraud tactics such as:

·         Insider Trading: Using unpublished price-sensitive information for personal gain.

·         Pump and Dump Schemes: Artificially inflating stock prices before selling.

·         Circular Trading: Creating fake trading volume to lure investors.

·         Front Running: Brokers executing trades ahead of client orders.

·         Fake News/Stock Tips: Spreading misleading information to manipulate markets.