Bidhannagar man loses 24 lakh in stock market scam, 2 arrested

A significant financial fraud case was reported in Bidhannagar when a local resident, Moloy Kumar Ray, accused two individuals of swindling 24 lakh rupees through a stock market scam. Ray lodged a formal complaint at Bidhannagar Police Station on January 4, detailing how he was duped by Piyush Agarwal and Shyam Agarwal. According to the complaint, the fraud began when the accused contacted Ray via social media and invited him to join a WhatsApp group. In this group, Ray was encouraged to invest money in the stock market with promises of high returns.

The accused allegedly created a fraudulent investment website and shared fabricated credit and debit records to convince Ray that his funds were being properly managed. Ray, trusting the documents provided by the accused, transferred a total of 24 lakh rupees to them. However, despite the assurance of returns, Ray did not see any activity or transactions reflected in his bank account, raising suspicions about the legitimacy of the investment.

Upon receiving Ray's complaint, the Cyber Crime police immediately began an investigation. They conducted raids in various locations, including parts of Kolkata and Hooghly, in search of evidence and to apprehend the accused. Piyush Agarwal and Shyam Agarwal were arrested and brought before a Bidhannagar court. The police are continuing their investigation, aiming to identify any other individuals connected to the scam. The authorities have yet to reveal the full scope of the operation, and further arrests are possible as the investigation progresses.