Kolkata man duped of crores in stock market fraud, Cyber Police arrest accused

The Bidhannagar Cyber Crime Police have arrested Kishan Jaiswal, a fraudster accused of scamming a Salt Lake resident out of crores of rupees in the name of stock market investments. The accused was nabbed from Jagaddal on Friday night and produced in the Bidhannagar court today.

According to police sources, the case dates back to April 2024, when the victim, a resident of Salt Lake, filed a complaint stating that an unidentified caller had promised high profits through stock market investments. Trusting the scammer, the victim transferred crores of rupees online over multiple transactions. However, after months without any returns, he realized he had been deceived and approached the Bidhannagar Cyber Crime Police Station.

Following a detailed investigation, police traced the fraudulent transactions to Kishan Jaiswal, a youth from Jagaddal. On Friday night, a special team apprehended him. Investigators believe that Jaiswal was part of a larger cyber fraud network that targets unsuspecting investors by luring them with false promises of stock market gains.

The accused was presented before the Bidhannagar court today, where the police sought his custody for further interrogation. Authorities are now investigating whether more victims were duped using similar tactics and whether Jaiswal had accomplices in the scam.

Cyber police have also issued a warning urging citizens to stay cautious of unsolicited investment schemes and verify sources before transferring large sums of money. Officials emphasized that genuine stock market investments should always be done through registered brokers and financial institutions to avoid such frauds.

The investigation is ongoing, and police suspect that the scam might involve multiple accounts and fake identities. More arrests could follow as the authorities track the money trail and identify the full extent of the operation.