Police have arrested Siddharth Malviya, a 26-year-old man accused of orchestrating a fraudulent online investment scam involving fake electric vehicle (EV) charging station projects. His company, DART-EV, allegedly lured victims with the promise of high returns and has defrauded people of up to Rs50 lakh.
ACP Tushar Singh confirmed that Malviya, a resident of Laxmanpuri Colony, was arrested by the Palasia police based on a tip-off. His accomplice, Umesh Shahi, is currently absconding.
The fraud was executed through a well-coordinated operation run from an office in Vaikunthdham Colony, Indore. The DART-EV team recruited young telecallers to target victims via social media and calls. Victims were promised monthly returns of 40–50% with an 18-month lock-in period for investing in EV charging infrastructure projects across India.
To add credibility, investors were asked to install a mobile app that showed fabricated investment dashboards. However, the app had no withdrawal options and served only as a decoy to maintain trust.
Investments ranged from Rs4,600 to Rs50 lakh, police said. The app and company have now been taken down, and authorities are investigating digital trails to track other victims and financial accounts linked to the scam.
A case has been registered, and efforts are underway to locate and arrest co-accused Umesh Shahi.
