The Uttar Pradesh Special Task Force (STF) has uncovered two major fraud rackets involving fake share market investments, cryptocurrency, and forex schemes, officials announced on Thursday.
Rupesh Bhardwaj, residing in Ghaziabad, was arrested in Gurugram after allegedly duping investors with false promises of high returns in the stock market, according to complaints from SEBI. Bhardwaj operated X Traders Enterprises, which used counterfeit share certificates to build investor trust.
In a separate operation, the STF apprehended Jatindra Ram of Haryana for his role in a widespread cryptocurrency and forex investment fraud, using a firm named ‘Sea Prime Capital’ to fleece investors and launder proceeds internationally. Both individuals have been charged under various financial crime legislations.