The accused, Anurag Arvind Srivastava (36), a mechanical engineer, was arrested from Nagpur in Maharashtra on Aug 2 after months of technical surveillance and intelligence gathering.
Srivastava was wanted in a case registered at the cybercrime police station in Lucknow under the provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act.
According to STF officials, the syndicate lured unsuspecting investors through advertisements on social media platforms and WhatsApp, promising free stock market analysis and IPO investment guidance.
Prospective investors were added to a WhatsApp group, ‘VIP9-6 ACI Exclusive Guidance Group’, where online trading sessions were conducted and screenshots showing huge profits were circulated.
Investors were subsequently persuaded to download ACI Century app, an investment platform that displayed fictitious returns.
Investigators said investors were asked to transfer money into multiple bank accounts controlled by the syndicate. While users saw inflated profits reflected on the app, the funds were never invested in any genuine IPO or stock market instrument.
The investigation began after a Lucknow resident lodged a complaint with the cybercrime police station, leading to the registration of an FIR and an extensive probe into the network’s operations.
“During interrogation, Srivastava disclosed details of a gaming venture launched in 2022 with several associates, including Vinod Kumar Rathore, Vivek Kumar Singh, Shivanika, Nadeem Sheikh, Sudhir, Sanchit and Mukesh. STF suspects the platform was used to facilitate suspicious financial transactions and handle funds generated through cyber fraud,” said deputy superintendent of police, special task force (STF), Sudhanshu Shekhar.
During the raid in Nagpur, the STF seized a laptop, an iPhone, an SUV, three company rubber stamps, 139 corporate documents, six blank cheque books, two SIM cards and two unsigned cheques worth Rs 3.17 crore and Rs 2.5 crore.
According to officials, the syndicate has so far been linked to 3,087 complaints on the National Cyber Crime Reporting Portal (NCRP) and the estimated amount of fraud committed is around Rs 2,934 crore.
Investigators have frozen bank accounts containing nearly Rs 2 crore, suspected to be proceeds of the fraud.
Police records show Srivastava was named in at least 11 cybercrime cases in Lucknow, and a case was alos registered against him in the Andaman & Nicobar Islands, among other parts of the country. He was brought to Lucknow on transit remand and sent to judicial custody.
The STF is now analysing seized digital devices and financial records to identify other members of the interstate network and trace the money trail behind the fake IPO fraud.
The Uttar Pradesh Special Task Force (STF) arrested Anurag Arvind Srivastava (36), a mechanical engineer accused of being the mastermind behind a nationwide ₹2,934 crore fake IPO and stock trading scam.
Key Details of the Fraud
Accused: Anurag Arvind Srivastava (36), arrested from Nagpur, Maharashtra, and brought to Lucknow on transit remand.
Modus Operandi:
The syndicate ran fake stock market analysis and IPO guidance ads on social media.
Victims were added to a WhatsApp group titled 'VIP9-6 ACI Exclusive Guidance Group'.
Investors were persuaded to download a fraudulent app called ACI Century, which showed fictitious high returns and inflated profits.
Funds transferred by victims into specified bank accounts were never actually invested in genuine market instruments.
Scale of the Scam:
Linked to over 3,087 complaints on the National Cyber Crime Reporting Portal (NCRP).
Over 11 cybercrime cases are registered against Srivastava in Lucknow alone, alongside cases in other regions like Andaman & Nicobar.
Seizures & Freezes:
Bank accounts holding nearly ₹2 crore have been frozen.
Items seized during the raid include laptops, an iPhone, an SUV, corporate documents, rubber stamps, blank cheque books, SIM cards, and unsigned cheques totaling ₹5.67 crore.
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