Private bank manager held in shell company scam
New Delhi: Delhi Police arrested a private bank manager in Gurugram for his alleged involvement in several financial frauds using shell companies and other cryptocurrency scams, police said on Tuesday.
“The accused Sandeep Singh Dua, who currently works as a Manager in Standard Chartered Bank in Gurugram was arrested by a team of Crime Branch Cyber Cell on Monday after he confessed to his crime during interrogation,” Additional Commissioner of Police (Crime Branch) AK Singla said.
During investigation, Sandeep Singh Dua said that he was a active member of a gang of cheats and businessmen who used dummy accounts of shell companies for transactions to avoid income tax, Singla added.
“Dua was working as a conduit between account holders of shell companies and cheats. Earlier, he had worked as a Manager with Axis Bank and Yes Bank in the national capital,” he added.
The financial frauds came to light when one Arun Kumar, a resident of Delhi’s Ghonda filed a complaint against a gang of cheats that cheated him to the tune of over Rs 14 lakh to invest in newly launched cryptocurrency “Kashhcoin”, he said.
As per RBI guidelines, “the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment are not authorised by any central bank or monetary authority”.
“During probe, six of Dua’s accomplices, identified as Narender, Asif Malkani, Baljeet Singh Saini, Pradeep Arora, Sunil Kumar, Puneet Mahindru and Ashok Goel have also been arrested,” he said.
During investigation, it was found that accused persons orgainsed seminars in various states including Delhi to invest in their crypto currency in order to lure investors.
They collected public money through several bank accounts including the accounts of Jaipuria Buildcon Pvt Ltd, the company of Ashok Goel, Sunil Kumar and Pradeep Arora. They later disclosed the name of Dua in the conspiracy,” he added.