Delhi Police have busted a major racket involving a fake trading app, arresting four individuals, including two private bank employees, for defrauding a man of over Rs 16 lakh. The accused used social media advertisements to lure the victim into investing in a fake stock market scheme.
The accused individuals have been identified as Aman Kumar (29), Rahul Tyagi (39), Ankit Nagar (31), and Abhishek Singh (26), all residents of Uttar Pradesh.
The victim, a resident of Patel Nagar, filed a complaint in April, alleging that he was duped of Rs 16.70 lakh after he was lured by an advertisement promising high returns on a stock market investment.
Upon clicking the advertisement on social media, the victim was redirected to a WhatsApp group and asked to download a fraudulent application called ‘QuantsAIS.’
Initially, he invested Rs 10,000, and the app showed false returns, encouraging him to invest more. Eventually, he invested a total of Rs 16.70 lakh. However, when he tried to withdraw his money, he was removed from the group.
Upon investigation, it was discovered that the stolen money was transferred to multiple bank accounts. One of the accounts, titled ‘Dharam Enterprises’ and based in Noida, was traced to a fraudulent bank account opened by Aman Kumar.
Kumar was arrested on April 9 in Hapur, Uttar Pradesh. Following his arrest, another accused, Rahul Tyagi, was apprehended. The investigation is ongoing, with efforts to track the remaining culprits.
This case highlights the growing trend of financial scams via fake trading apps, often promoted through social media platforms. Authorities are working to ensure that the accused face legal consequences for their fraudulent actions.
