Now Reading: Instagram stock scam: fraudsters arrested, phones and passports seized
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Instagram stock scam: fraudsters arrested, phones and passports seized
Delhi Police have arrested several people accused of luring victims through Instagram with promises of high returns from stock market investments. Investigators seized mobile phones and passports from the suspects, who are…
Delhi Police have arrested several people accused of luring victims through Instagram with promises of high returns from stock market investments. Investigators seized mobile phones and passports from the suspects, who are suspected of cheating people of crores of rupees.
The scam operated by promising substantial profits to attract investors. Police officials said the accused would use social media platforms to find targets and convince them to transfer money.
The arrested individuals are being questioned to uncover the full extent of the network. Further details on the number of victims and the total amount defrauded are expected as the probe continues.
Indian Opinion Analysis
Fraudsters increasingly use platforms like Instagram and Telegram to bypass regulatory safeguards that apply to licensed brokers and advisers. Under the SEBI (Investment Advisers) Regulations 2013, any person offering stock market advice must register and meet qualification standards. Victims of unregistered schemes rarely recover losses because the money is quickly layered through multiple accounts or moved offshore. The Enforcement Directorate or police economic offences wings typically handle such cases. Watch for the number of victims and total crores to emerge as investigators trace the digital trail and for the court's decision on remand or bail.
Source: ndtvprofit.com
This brief was synthesised by AI from the source linked above.
