In a significant operation, police arrested Ajay Arya for his involvement in a massive cyber fraud scheme, defrauding thousands of people across Karnataka and nationwide, amassing approximately Rs2000 crore. The scam was conducted under the guise of a forex trading business called Cappmorefx, which falsely promised high returns.
Ajay Arya, along with his associates, launched a company called Teachable Tech in Vijayapura, Karnataka, in 2022, where they pretended to offer cyber training. They also promoted Cappmorefx, claiming it was a forex trading platform. Arya lured investors by offering the promise of doubling or tripling their investments, which initially paid off to gain trust. Victims were then persuaded to bring in friends and family, further expanding the fraudulent operation.
Following a tip-off from Kantappa Babu Chavan, a victim from Karnataka, police raided Arya’s luxurious residence in Ambika City-2. They recovered Rs10 lakh in cash, multiple electronic devices, and other assets including an Rs85 lakh luxury car. Arya was arrested after police found evidence linking him to 7 cyber fraud complaints and 76,000 online grievances across multiple accounts.
The investigation revealed the extent of the scam, involving multiple associates, including Deepak Arya, Lajpat Arya, Saurabh Chawla, and several others. The accused fled to Dubai after abruptly shutting down their fraudulent business in June 2023. During their operations, they amassed significant amounts of money, using the fraudulently obtained funds to buy luxury homes, cars, and plots across India.
As authorities continue to investigate, the focus has shifted to uncovering the full scale of the operation and recovering the illicit assets acquired through the scam. More individuals are expected to be identified, and efforts to track down the remaining associates are underway.
This case highlights the ongoing risks of online investment scams, especially those that promise quick and high returns. Authorities urge the public to be cautious and report suspicious activities immediately.