Uttar Pradesh Man Arrested In ₹32 Lakh Stock Market Fraud Case

In Hathras, Uttar Pradesh, cybercrime police arrested an accused in a Rs 32 lakh online fraud case. On June 20, Naresh Rohilla filed a complaint which led to this arrest. Naresh Rohilla is a resident of Amravati Enclave.

Victim Sees Facebook Stock Market Advertisement

According to the Hindustan Times, in April, Rohilla saw a stock market investment advertisement on Facebook. He was instructed to download a fraudulent application. A "relationship manager" convinced Rohilla to invest. Over Rs 32 lakh were stolen from Rohilla.

Police Takes Action

Acting on the complaint, police froze approximately ₹4.5 lakh of the stolen funds. On August 12, using technical surveillance, a police team raided a location in Hathras and arrested the accused, identified as Rohit Sharma.

Accused Is Taken Into Custody

Sharma was remanded to police custody for six days. Investigators have since obtained important leads and are working to identify and arrest the other individuals involved in the elaborate fraud.

CA Kush Tapas on LinkedIn, wrote: Common types of stock market frauds are:

Insider Trading: using unpublished price-sensitive information for personal gain.

Pump and Dump Schemes: Artificially inflating stock prices, then selling off shares at a profit.

Circular Trading: Creating the illusion of high volume to attract unsuspecting investors.

Front Running: Brokers executing orders for themselves ahead of client trades.

Fake News/Stock Tips: Misleading information shared online to manipulate stock movements.