Lucknow The Uttar Pradesh Special Task Force (STF) has arrested a key accused in an alleged ₹7.29 crore cyber fraud case linked to fake stock market training and investment schemes. The accused identified as 37 year old Vivek Kumar Singh was arrested from the Rajpur area of Dehradun Uttarakhand. According to the STF the fraud network allegedly targeted people through Instagram advertisements that offered stock market analysis and promised high returns from share trading and IPO investments. People who showed interest were reportedly added to WhatsApp groups where fake profit screenshots were shared to build trust.
The victims were then allegedly asked to download the ACI Century App and deposit money into different bank accounts. The app reportedly showed fake investment amounts and profits, making victims believe that their money was growing. This allegedly encouraged them to invest even more. Investigators said the money was moved through several bank accounts linked to fictitious companies. The funds were then allegedly converted into USDT cryptocurrency and sent to associates in Dubai.
The STF recovered a laptop, two mobile phones, two SIM cards, two routers and ₹15,500 in cash from Singh. The case was registered at the Lucknow Cyber Crime Police Station. The investigation has reportedly linked the network to 3,087 complaints on the National Cyber Crime Reporting Portal. Several other accused have already been arrested, while further investigation is underway to trace the wider network and money trail.
