Vinod Kumar, a resident of Sri Ganganagar, Rajasthan, was arrested for defrauding over 150 people through a Ponzi scheme called ‘Dollar Win Exchange’. The scam promised unrealistic monthly returns of up to 28%, luring investors primarily through WhatsApp groups and social media.
Police action began after a victim filed an online complaint at the central district cyber police station, revealing losses of Rs 19 lakh. The complainant and his wife had initially received small profits from investments starting at Rs 1,000, which encouraged them to invest larger sums. However, the payments soon stopped, raising suspicions.
During interrogation, Kumar disclosed that he had previously worked in the marketing team of a cooperative society, convincing people to invest. After the cooperative shut down in 2016, he ventured into cryptocurrency trading but suffered losses. To recover, he teamed up with an accomplice named ‘Prince’ to create a fraudulent website promoting fake investment plans.
The accused used multiple WhatsApp numbers and social media to attract investors by promising 100% profits, collecting money into personal accounts. Small initial payouts were made to build trust, but payments eventually ceased, with the collected funds funneled into cryptocurrency.
Authorities have launched an ongoing investigation into the scam and warn the public to remain cautious when engaging with online investment schemes.
