Ajmer, November 12: Rajasthan Police have arrested a 19-year-old man from Ajmer for allegedly cheating over 200 people of INR 42 lakh through a fake investment scheme. Kashif Mirza, a Class 11 student, used his large Instagram following to lure victims with promises of substantial profits.

Acting as an influencer, Mirza targeted social media users, convincing them to invest significant amounts. The police have initiated an investigation after receiving multiple complaints from the victims and have urged anyone else affected to report the incident.

According to a report by NDTV, Kashif Mirza promised victims a return of INR 1,39,999 for investing INR 99,999 over a period of 13 weeks. To gain their trust, he initially provided some investors with the promised profits, encouraging them to refer others. Investment Frauds in India: Fraudsters Using Facebook, WhatsApp, Telegram, X and Others To Dupe Users To Invest in Crypto and Stocks, Says Report.

Authorities have recovered several items from him, including a Hyundai Verna, a cash counting machine, phones, and laptops. Following his arrest, Mirza has been remanded to police custody for two days as the investigation continues. Cyber Fraud in Delhi: Police Arrest 4 in Major Online Investment Racket, Victim Duped of INR 42 Lakh.

In September 2024, the ED revealed how fraudsters deceive victims through fake investment apps and links, siphoning off millions of rupees. The illicit funds were transferred abroad and converted into cryptocurrency. So far, five individuals have been arrested, and INR 25 crore in proceeds have been recovered.

(The above story first appeared on LatestLY on Nov 12, 2024 03:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).