Cyber Crime Bust: Bogus IPO App Scam in Gurugram

Gurugram Cyber Police have made significant headway against cyber crimes by arresting two individuals accused of deceiving people with a fraudulent mobile application. This app lured victims into investing in IPOs, a ploy that has reportedly siphoned funds directly from targeted bank accounts.

The accused, identified as Sharad Kant Mishra and Yatin Kumar, were apprehended in Delhi following an investigation triggered by a local complaint. The complainant alleged that a scammer manipulated him into investing in company IPOs via the illicit app, resulting in a financial loss.

Police investigations revealed that a portion of the defrauded money was funneled into a firm’s bank account, which was later sold for a nominal sum. Ongoing interrogations aim to uncover more about the perpetrators’ operations and any additional individuals involved.

(With inputs from agencies.)