Madhya Pradesh, Oct 19: The cyber crime police have arrested two persons from Madhya Pradesh for allegedly duping a Chandigarh resident of ₹2.87 crore through a fake online investment scam.
The accused have been identified as Raj Kumar Pandey, 37, and Dipesh Makuwana, 27. Police said the duo ran a fraudulent online trading platform under the names TotalSecurities.net and INX Account, luring investors with promises of high returns through fake UCI and IPO schemes.
The arrests followed a complaint filed by a Chandigarh-based woman who alleged that she had been defrauded of ₹2.87 crore. The accused reportedly posed as financial experts, misusing the names and logos of regulatory bodies such as SEBI and RBI to win the trust of victims and induce them to invest large sums.
Investigations revealed that the suspects were operating from Indore, Madhya Pradesh, using multiple bank accounts spread across various cities to collect and channel the cheated funds. Police said analysis of financial transactions, WhatsApp messages, and technical evidence confirmed their operations were based in Indore.
A team of cyber crime officers later conducted a raid at Naagziri in Ujjain, where both accused were apprehended. Two mobile phones were recovered during the operation.
“From Raj Kumar Pandey, we recovered a Samsung Galaxy S22 (blue) linked to his Bandhan Bank account, which was used in the commission of the fraud. Digital evidence also showed transactions worth about ₹20 lakh related to the cheated money,” an investigating officer said.
The case has been registered under Sections 318(4), 319(2), 338, 336(3), 340(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Police said a detailed financial trail analysis and identification of other beneficiary accounts are underway, and further arrests are likely.
