Uttar Pradesh Special Task Force has arrested a key accused in a 7.29 crore cyber fraud case. STF arrested the accused in Dehradun during the ongoing investigation.

The 7.29 crore cyber fraud allegedly targeted people through fake stock market training and investment schemes. Investigators said the accused used social media platforms to attract potential victims.

How the Fraudsters Targeted Investors

STF identified the accused as 37 year old Vivek Kumar Singh. STF reportedly arrested him in Dehradun’s Rajpur area.

According to the STF, the network used Instagram advertisements to attract people interested in stock trading. The network then added victims to WhatsApp groups offering investment guidance.

Fraudsters allegedly promised high returns through stock trading and initial public offerings. They reportedly shared fake profit screenshots inside these groups.

The fraudsters allegedly used the screenshots to gain potential investors’ trust. They then encouraged victims to invest through an application called ACI Century.

Fake Profits Shown Through Investment App

Investigators said the application showed fabricated investment figures and profits. This allegedly convinced victims that their money was generating substantial returns.

After gaining trust, the fraudsters allegedly encouraged victims to deposit larger amounts. The network reportedly moved the money through several bank accounts linked to shell companies.

STF investigators further alleged that the network later converted the funds into USDT cryptocurrency. The network reportedly transferred the cryptocurrency to associates based in Dubai.

Investigation Reveals Thousands of Complaints

The investigation began after Apoorva Rai filed a complaint. Authorities have reportedly linked the network to 3,087 complaints.

Authorities found these complaints on the National Cyber Crime Reporting Portal. Police registered the case at the Lucknow Cyber Crime Police Station.

Police also recovered several electronic devices from the accused during the arrest. The recovered items included a laptop, two mobile phones and two SIM cards.

Police also reportedly recovered two routers and ₹15,500 in cash. The accused is facing charges under relevant provisions of the Bharatiya Nyaya Sanhita and Information Technology Act.

Authorities continue to identify other people allegedly connected with the network. Authorities are also tracing the movement of the suspected fraud proceeds.