New Delhi [India], March 19 (ANI): Two persons have been arrested by a team of Special Staff, North District for allegedly snatching mobile phones and using the sim card to transfer money from the wallets and bank accounts of the victim, said Delhi police on Saturday.

The accused have been identified as Shoib alias Shibu and Arman alias Monu.

According to the police, the accused used to target mostly the inter-state travellers near Majnu ka Tila, ISBT of Kashmere Gate, Red Fort Old Delhi and New Delhi railway station at a specific time.

"The accused used to take the benefit of the delay in blocking the sim by the victim to log in to the wallet and transfer money to their account said Delhi police.

"A total of three mobile phones, two scooties and various sim cards have been recovered from the possession of the accused", the police added.

Further investigation into the matter is underway.

Earlier, the Delhi Police's Cyber cell of the outer district busted an online Ponzi Fraud Scheme and arrested one person who duped people of more than Rs 40 crores on the pretext of giving exponential returns of 10 per cent on a daily basis, officials said on Saturday.

The accused has been identified as Akashya Sanjay Dhanuka 32, a resident of Thane in Maharashtra.

"The accused, who was the handler of the bank account and who claimed to be working for a company lured people to deposit Rs 40 crores in less than 10 days on the pretext of giving exponential returns of 10 per cent daily," the police official said.

According to police, an FIR was lodged on the basis of the complaint by one Prakash, who alleged that he came to know about a 'GD Fund Application', a Ponzi scheme through one of his friends, which provided high returns on investments.

During sustained interrogation, accused Akshay Sanjay Dhanuka disclosed victims are contacted through Telegram/WhatsApp to create an account on a fake website or download applications operated by fraudsters abroad, the officer said.

Further investigation of the case is in progress, police said. (ANI)