Two men were arrested by the Delhi Police on Saturday for allegedly duping people of over Rs 47 lakh in an online stock trading scam, reportedly under the instructions of a Chinese handler, an official said.
The accused, Sahil Yadav and Aryan, both hailing from Bihar’s Patna, were taken into custody by the team after an FIR was filed in June, alleging that they had forced a complainant to transfer Rs 47.23 lakh using false threats.
“The victim was targeted through a social media group that offered stock trading schemes, claiming instant buy-sell opportunities and manipulated IPO ratings,” a senior officer said.
“For two months, he invested via a fraudulent platform, and when he attempted withdrawal, the accused allegedly threatened him to extort further money.”
During the investigation, it was revealed that Rs 31.45 lakh of the defrauded money was deposited into a private bank account under the name of a furniture and interiors business, with Rs 23.8 lakh subsequently transferred to another account linked to a different private firm associated with the accused.
“The account was used as a front to launder fraudulent proceeds,” the officer stated, adding the accused had opened seven bank accounts for laundering purposes.
Investigators also discovered 89 NCRP complaints associated with the firm, he mentioned.
The accused reportedly operated from a Noida office, taking instructions from a handler in Uttam Nagar, who was working under a China-based mastermind named Tom.
After Aryan was traced to Greater Noida, a Crime Branch team, posing as locals, raided the location and arrested both the suspects.
They had been using forged documents and fake SIM cards to conceal their identity, police said.
During interrogation, the duo stated they were recruited on social media in December 2024, with a commission of Rs 30,000 for every Rs 1 crore funnelled through their accounts.
Further investigation is underway to trace the syndicate’s international links, the police added.