Over 500 people defrauded of Rs 15 crore under the guise of DEMAT accounts

A man has been detained in Noida on suspicion of defrauding over 500 individuals out of Rs 15 crore by opening their demat accounts under the guise of currency trading.

On Monday, the Uttar Pradesh Special Task Force’s cyber squad made the arrest. Shoaib Mansoori, a native of the Madhya Pradesh district of Devas, has been identified as the culprit.

According to reports, the culprit admitted to authorities that by opening hundreds of people’s demat accounts, he defrauded them of Rs 15 crore. “Police are trying to identify and arrest the other accused in the case. Police officials from other states are also carrying out probes in this regard,” a report quoted Reeta Yadav, SHO, cyber crime police station in Sector 36.

Following his Tuesday appearance before a magistrate, the accused was imprisoned. The fraud was discovered after a Ghaziabad resident filed a complaint with police in February. Ashok Kumar Mishra, the complainant, claimed that he was defrauded of Rs 15 lakh using a mobile application under the guise of currency trading.

The complainant claims that the accused employed at least 10 employees while operating a fictitious business in Indore. These individuals used to phone people and promise to quadruple their money. Mishra received a call and downloaded the mobile application, and he also registered for a DEMAT account.

The accused allegedly used  to defraud customers using a mobile app named Metatrade-05, according to the police. According to the IPC and the Information Technology Act, the accused has been charged with cheating.