Noida, June 28 : Noida Cyber Police have apprehended three members of a gang involved in a massive cyber fraud case where a businessman from Noida was cheated out of Rs 3.26 crore.

All three individuals allegedly lured the victim by promising five times the profit through investments in the stock market. However, it turned out to be a scam.

The three accused ' Puneet, Himanshu, and Vijay Chaudhary ' were arrested near Noida Stadium. According to the police investigation, Puneet had rented out his bank account to Himanshu.

Using this account, approximately Rs 30 lakh was transferred as part of the fraudulent transactions. Later, Vijay Chaudhary took control of the same account from Himanshu and used it extensively for conducting cyber fraud activities.

The cybercrime team has revealed that the account witnessed transactions amounting to nearly Rs 1 crore, and the probe into the case is still ongoing to uncover the full extent of the scam and identify any other possible suspects.

Manisha Singh, Additional Deputy Commissioner of Police (ADCP), Cyber Crime, confirmed the arrests and stated, 'We have detained the three accused involved in this cyber fraud. Our investigation is progressing, and we are committed to bringing all those responsible to justice.'

The modus operandi of the accused involved creating a false impression that investing in certain stock market schemes would yield high returns, thereby duping the businessman into transferring huge sums of money. Once the money was transferred, these criminals used multiple bank accounts to launder the proceeds. This is how they used to avoid detection, said the police.

Crime experts are of the view that this case highlights the increasing sophistication of cyber fraud schemes targeting investors, particularly through promises of unusually high returns in the stock market. Authorities have urged the public to exercise caution and verify investment opportunities through legitimate channels before committing funds.

The Noida Cyber Police are actively tracing the flow of money and examining digital footprints to dismantle the entire network behind this fraud. They are also coordinating with banks and other financial institutions to freeze the accounts linked to the suspects.

As the investigation unfolds, more details are expected to emerge, potentially revealing the broader network and modus operandi used by the accused in executing such high-value scams.

/IANS