Delhi Police nab cyber fraud mastermind in ₹40-lakh IPO scam

The Delhi Police has cracked a cyber fraud case by arresting a 24-year-old man who operated a syndicate that duped people by falsely promising them IPO allocations at discounted rates.

The accused, identified as Vishnu Kant Sharma, is a resident of Rajasthan.

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The case came to light after a complainant, who lost approximately ₹40 lakh, reported being added to a WhatsApp group named “Yes Securities” by Sharma, said Deputy Commissioner of Police Vichitra Veer.

“They promised the victim guaranteed IPO allocations at cheaper rates and directed him to visit a fake website and deposit large sums into various accounts,” the officer added.

Following the complaint, a case was registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS), and an investigation was launched.

During the inquiry, it was revealed that the defrauded amount had been transferred into multiple bank accounts. The accused was found to be converting the money into cryptocurrency on a daily basis and selling it.

Based on technical analysis and tracking of financial transactions, the police identified Sharma as the mastermind. He was arrested from Sanganer, Jaipur.

Investigations further revealed that Sharma, who had earlier worked in the furniture business, had shifted to cybercrime and was providing mule bank accounts on a commission basis.

“He sourced bank accounts from known contacts and supplied them for fraudulent use, earning his commission in USDT (a cryptocurrency),” the DCP stated.