Delhi Police have arrested four individuals, including two private bank employees, for their roles in a growing cyber fraud linked to the fake investment application QuantsAIS, which defrauded hundreds of unsuspecting investors in and around Delhi.
The case came to light in April after a businessman from Patel Nagar filed a complaint, stating he had lost Rs16.7 lakh after being lured via social media and chat groups to invest in QuantsAIS. “The app showed fake returns, and once the victim tried to withdraw the money, the accused blocked him,” said DCP (Central) Harsha M Vardhan.
The syndicate tricked victims into sideloading the fake app via links shared in private channels, bypassing official app stores.
A money trail led investigators to a Noida-based private bank, where multiple fraudulent accounts were opened using fake documents—most from the same branch, raising suspicions about insider involvement.
On Sunday, police arrested Abhishek Singh (26) and Ankit Nagar (31), who worked in the account opening section of the Noida bank. They allegedly created and sold dozens of accounts over two years to cybercriminals, earning Rs20,000–Rs40,000 per account in commissions.
Two others, Aman Kumar (29) and Rahul Tyagi (39), were previously arrested. Kumar allegedly owned and sold fraudulent accounts used in the scam, while Tyagi played a key role in facilitating money laundering. The duo reportedly helped transfer Rs60 lakh in just one month.
Police revealed that over 100 bank accounts were opened by Singh and Nagar last year alone. They also helped set up shell companies, bypassed verification norms, and routed funds through layered transactions to obscure identities.
The mastermind behind the fake QuantsAIS app remains at large. Authorities are working to trace the individual and uncover the full scale of the fraud.
