New Delhi, May 24 (PTI) The Delhi Police has arrested two men for allegedly duping a person of Rs 23.30 lakh on the pretext of investment in share market and stocks, officials said on Friday.

The accused have been identified as Jai Pal (26) and Bhupendra (24), the officials said, adding both are residents of Rajasthan and government job aspirants.

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"We had received a complaint from Sumit Sharma that he had been duped of Rs 23.30 lakh when he was searching for some trading work," Deputy Commissioner of Police (north) Manoj Kumar Meena said.

The officer further said that initially the man invested small amounts and started getting refund which built his trust and led him to invest a larger amount.

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"He got to know about the fraud when he asked the accused to withdraw his profit and they asked him to pay more Rs 35.33 lakh as tax. An FIR was registered and an investigation was launched," Meena said.

The team checked details of the bank accounts and money trail, police said.

"Later we arrested two accused -- Jai Pal and Bhupendra from Jaipur. Accused Jai Pal and Bhupendra admitted their involvement in the scam, revealing that they worked with a larger network of fraudsters," the DCP said.

"Teams have been formed to nab other accused. Two mobile phones and debit cards were recovered from the accused," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)