LUCKNOW: In a breakthrough against organised cybercrime, the Uttar Pradesh Special Task Force (STF) has arrested the alleged mastermind of a pan-India cyber fraud syndicate accused of duping investors of crores of rupees through fake IPO and stock trading schemes operated via social media platforms and fraudulent investment applications.The accused, Anurag Arvind Srivastava, 36, a diploma holder in Mechanical Engineering and a resident of Nagpur, Maharashtra, was arrested on July 31 from his residence in Ganpati Nagar, Mankapur, Nagpur, in connection with a case registered at the Cyber Crime Police Station, Lucknow.He was wanted in Case No. 126/2025, registered under Sections 61(2), 111(2), 317(3), 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS) along with Section 66D of the Information Technology Act.The arrest followed months of technical surveillance and intelligence gathering by STF teams after inputs about an organised interstate syndicate cheating investors through fake IPO and stock market investment schemes.
Investors Lured Through Social Media
According to the STF, the syndicate targeted victims through Facebook, Instagram and WhatsApp, where advertisements promising stock market analysis and lucrative IPO investment opportunities were circulated.Prospective investors were added to a WhatsApp group named “VIP9-6 ACI Exclusive Guidance Group”, where a woman identifying herself as Tripti Grover (ACI) allegedly conducted online stock market sessions and shared fabricated screenshots showing extraordinary trading profits to convince members of the legitimacy of the investment platform.Victims were subsequently persuaded to download a fraudulent investment application called ACI Century App through a dedicated hyperlink and create investment accounts.Investigators said investors were instructed to transfer money into multiple bank accounts controlled by the syndicate.Although the application displayed fictitious profits on users’ dashboards, the money was never invested in any genuine stock market or IPO.The investigation began after Lucknow resident Apoorva Rai lodged a complaint with the Cyber Crime Police Station alleging that she had been cheated through the fake investment platform.
Gaming Platform Allegedly Used as Front
During interrogation, Anurag allegedly revealed that in 2022, he, along with associates Vinod Kumar Rathore (owner of Pixler Company), Vivek Kumar Singh, Shivanika, Nadeem Sheikh, Sudhir, Sanchit and Mukesh, floated a company named My Ground11 Gaming Zone Pvt. Ltd.The STF alleged that while the platform was projected as a fantasy gaming portal, it was also used to facilitate fraudulent financial transactions and cheat investors, resulting in transactions involving several crores of rupees.Investigators are examining whether the gaming platform was used to channel or disguise proceeds generated through cyber fraud.
Seizure During Raid
During the operation at Nagpur, the STF seized a substantial quantity of electronic devices and financial records, including Three rubber stamps belonging to different firms, one laptop, one iPhone, an SUV, 139 documents related to various companies.Six blank cheque books issued by different banks.Two unsigned cheques worth Rs 3.17 crore and Rs 2.50 crore, one cancelled cheque and two SIM cards.Officials said the recovered documents and digital devices are being examined to identify shell companies, beneficiary bank accounts and other members of the syndicate.
Nationwide Cyber Fraud Network
According to the STF, the syndicate has been linked to 3,087 complaints registered on the National Cyber Crime Reporting Portal (NCRP) from different parts of the country.Investigators have so far succeeded in freezing nearly Rs 2 crore lying in bank accounts allegedly used by the accused.Further scrutiny of financial transactions and bank accounts is underway to trace additional proceeds of crime.
Multiple Cases Against Accused
Police said Anurag has been named in at least 11 cyber fraud cases, including several FIRs registered at the Cyber Crime Police Station, Lucknow, besides cases at Ashiyana police station in Lucknow and the Cyber Crime Police Station, Sri Vijaypuram, Andaman and Nicobar Islands.Following his arrest, the STF secured his transit remand from a Nagpur court and brought him to Lucknow, where he has been remanded to judicial custody.Officials said investigations are now focused on tracing the remaining members of the interstate syndicate, identifying its financial handlers and beneficiary accounts, and reconstructing the complete money trail behind what investigators believe is one of the country’s largest fake IPO and online investment cyber fraud networks.
Modus Operandi
According to Dy SP, STF, Sudhanshu Ranjan, the accused and his associates operated a sophisticated fake investment racket by first attracting victims through advertisements on Facebook, Instagram and WhatsApp promising stock market guidance and high returns from IPO investments.Interested users were added to a WhatsApp group where fake market experts conducted trading sessions and circulated fabricated screenshots showing massive profits to gain investors’ confidence.Ranjan said, “Victims were then persuaded to download the ACI Century App, create investment accounts and transfer money into multiple bank accounts controlled by the syndicate. The application falsely reflected substantial profits to encourage additional investments. Whenever investors attempted to withdraw their money, they were either denied access or induced to deposit more funds under various pretexts, while no actual investment was made in any stock exchange or IPO.““Investigators allege the syndicate used this method to siphon off crores of rupees from victims across India while concealing the proceeds through multiple bank accounts and front entities, including My Ground11 Gaming Zone Pvt. Ltd,” he added.
