New Delhi: In a coordinated action against rising cyber-enabled financial crimes, the Delhi Police have arrested two men in online investment fraud cases where victims collectively lost more than ₹50 lakh. Both men used sophisticated fake trading platforms, deceptive investment advisory setups, and layered bank accounts to syphon off money, officials said on Saturday.
The arrested individuals have been identified as Sunil Kumar Reddy (44), an MBA graduate working as a business development executive from Anantapur, Andhra Pradesh, and Ayush Semwal (21), a B.Com third-year student employed at a call centre in Gautam Buddh Nagar, Uttar Pradesh. The cases are registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS).
In the first incident, a Delhi resident approached police alleging he lost ₹23.8 lakh after being misled by a man posing as a stock market expert. According to investigators, Reddy presented himself as a reliable investment adviser and persuaded the victim to transfer money via 15 RTGS and NEFT transactions into multiple bank accounts.
Acting swiftly, police froze all the identified accounts, enabling the recovery and refund of ₹5 lakh to the complainant. Following sustained electronic surveillance and field investigation, Reddy was tracked down and arrested from his hometown in Anantapur.
In the second case, a private-sector employee from Lucknow reported being conned into investing ₹26.49 lakh after being lured with online incentive schemes and later pushed toward a counterfeit cryptocurrency trading portal.
Police said Semwal played a key role in moving the defrauded money through a chain of mule accounts. Investigators identified at least 18 “Layer-1” bank accounts used to mask and reroute the illicit funds. All accounts linked to the operation have since been frozen.
During questioning, Semwal allegedly admitted that he sold multiple bank accounts to an associate for commission-based payments. He was arrested at his workplace in Noida Sector 58 on November 8.
