Mahendragarh police have busted an inter-state cyber fraud gang involved in a stock market scam worth Rs 14 lakh and arrested two persons, including a former banker.According to an official statement issued on Saturday, the Narnaul’s cyber crime police dismantled the network that allegedly duped unsuspecting investors by promising high returns through fraudulent stock market investments.The first accused, identified as Pankaj, a former banker, was recently arrested from Gwalior in Madhya Pradesh in connection with the case. Following sustained investigation, police arrested the second accused, Harish, from Faridkot in Punjab on May 9.Police said Harish allegedly handled the laundering of the defrauded money. He reportedly opened multiple bank accounts using the identities of relatives and acquaintances to receive the fraud proceeds.“The accused withdrew money through cheques and ATM cards, kept a fixed commission and transferred the remaining amount to other designated accounts,” a police spokesperson said.During a raid in Faridkot, police recovered Rs 1.25 lakh in cash, 15 cheque books, six ATM cards, seven passbooks, four mobile phones and several forged documents from Harish’s possession.The investigation began after a complaint was filed by Jattvibeder Kumar, a resident of Jhuk village in Mahendragarh district. Kumar alleged that he was duped of Rs 14.26 lakh between December 22, 2025, and March 11, 2026.According to police, the fraudsters contacted Kumar through WhatsApp while posing as senior officials of Axis Securities and persuaded him to download a fake trading application.The app allegedly displayed fake profits exceeding Rs 33 crore. However, when Kumar attempted to withdraw the amount, the accused demanded an additional Rs 3.34 crore as “tax”. Suspecting fraud, Kumar approached the Cyber Crime police station.Technical investigation later revealed that around Rs 6.33 lakh of the cheated amount had been transferred to a bank account belonging to a shell company, KKVR Construction Private Limited, based in Gwalior.Further investigation found that the account was linked to eight complaints registered across India, including a major Rs 96 lakh fraud case in Delhi.Police said Pankaj had previously worked as a deputy manager, assistant manager and sales officer in several prominent banks. Investigators alleged that he used his banking expertise to create the shell company using forged signatures and fake rent agreements. SIM cards used for operating the company’s online banking system were also seized from him.Both accused are currently in police custody. Police said further interrogation is under way to trace the money trail and identify other members of the gang.“The police are working to dismantle the entire network to prevent further financial frauds and protect the public,” the spokesperson added.