Seven men, including an MBA graduate, were arrested in India for duping investors of Rs 22.06 lakh through a fake online trading scheme. Police discovered that some bank accounts used in the scam were active in Malaysia, indicating international links.
The case began when a software engineer from Delhi lodged a complaint after falling victim. In April, he saw a social media advertisement that used the genuine logo of a known trading platform. The ad led him to a WhatsApp group where the accused, posing as legitimate traders, persuaded him to invest. He was later added to another group that shared fabricated profit screenshots to gain his trust. Over time, he invested Rs 22.06 lakh but was blocked from withdrawing the funds, said DCP (North) Raja Banthia.
After nine days of coordinated raids across Delhi, Uttar Pradesh, Haryana, and Rajasthan, police arrested seven men: Atul Kumar (31), Prashant Singh (31), Bhavesh Kumar Khan (50), an MBA graduate, Sumit Jhajharia (27), Yogesh Kumar (24), Gourav (27), and Vivek Kumar Sattawan (25).
The accused had established fake trading firms to open current bank accounts, which they used to channel fraudulent transactions. WhatsApp accounts linked to Malaysia were also found, suggesting international collaboration. Analysis of 200 phone numbers and multiple bank accounts revealed the scam’s complex operation, managed through three chains responsible for fake companies, bank account procurement, and fund transfers.
Each accused earned a commission between 2% and 10% for arranging bank accounts used to receive funds, which were later moved to online gaming wallets to conceal the money trail. Police seized 10 mobile phones, 14 SIM cards, 17 debit cards, a laptop, PAN cards, cheque books, and company documents.
Bank accounts connected to the scam have been frozen, and Rs 8.58 lakh belonging to the complainant has been recovered. Authorities also identified 46 similar complaints linked to these accounts on the NCRP portal, indicating a larger racket.
