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News Topical, Digital Desk : Delhi Police has busted a major pan-India stock market fraud in which people were being duped of crores of rupees through fake companies, fictitious trading platforms, and fake pre-IPO schemes. The complaint came from a man who lost ₹1.6 crore after being lured by a woman on social media. The police investigation uncovered the entire network of two fake companies—GTR Electronics Pvt. Ltd. and Udyam Women Empowerment Foundation. Three accused have been arrested, and the investigation is ongoing.
The Delhi Police Cyber Team on Monday uncovered a major stock market scam. According to the police, the gang, spread across the country, defrauded people of crores of rupees by creating fake companies and fake trading platforms, promising them "quick and high profits."
How was it revealed?
The investigation began with a case in which a Delhi man befriended a woman on social media. During their conversation, the woman lured him into investing in Spreadex Global Ltd., a "very trustworthy" and "UK-based" investment platform. The victim was lured into promising huge profits quickly through pre-IPO stock and forex trading. But as soon as he invested ₹1.6 crore, the money vanished, the platform vanished, and all contact was lost.
Upon receiving the complaint, the cyber team investigated the digital trail of the money, and the truth began to emerge.
The network of fake companies,
GTR Electronics Pvt. Ltd. – Fake electronics company,
its director Sunil Kumar, resident of Fatehabad, Agra
, Fake office in Shakarpur, East Delhi
Company registered with fake documents
The money of the fraud used to come in the current account here,
then it was layered in different accounts and then disappeared
Udyam Women Empowerment Foundation – Fake NGO in the name of women
It was being managed by Vishal Choure and his wife, residents of Thane (Maharashtra)
Account was opened in the name of the NGO, Actually, the money of cyber fraud was parked in it and sent forward How much money was circulated in this racket? Police investigation found links of 58 complaints- 13 complaints related to GTR Electronics - Fraud of ₹88.40 lakh 45 complaints related to Udyam Women Empowerment Foundation - Fraud of ₹22 lakh Out of ₹1.6 crore of just one victim, ₹15 lakh was found in the account of GTR Electronics ₹11 lakh was found in the account of Udyam Foundation This amount was further sent to different accounts so that it does not reach the police. How did the entire scam work? They would find targets on social media. They would start chatting with fake profiles of girls, luring them with promises like "pre-IPO," "UK trading platform," "Forex," and "high returns." They would register users on fake apps/websites. To appear genuine, these platforms would show fake features like live charts, profit screens, and trading. As soon as the money was deposited, the server would shut down, the app would shut down, and the fraud gang would disappear. Where were the arrests made? Police conducted simultaneous raids in Ballabhgarh (Haryana) and Thane (Maharashtra) and arrested Sunil Kumar (fake company director), Vishal Chaure, and his wife . Police say this is just the beginning. Investigations into the remaining members and the money trail are ongoing.
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