NEW DELHI: Delhi Police has busted a fake trading app racket and arrested four people, including two private bank employees, for allegedly duping a man of over Rs 16 lakh after luring him through social media advertisements promising high returns, officials said on Monday.
The accused have been identified as Aman Kumar (29), Rahul Tyagi (39), Ankit Nagar (31), and Abhishek Singh (26), all residents of UP, they said.
A complaint was received in April from a resident of Patel Nagar alleging that he was duped of Rs 16.70 lakh in the name of stock market investment. The complainant stated that while browsing social media platform, he came across an advertisement regarding lucrative investment opportunities.
When he clicked on it, he was redirected to a WhatsApp chat where he was added to an investment group and asked to download an application named ‘QuantsAIS’, a senior police officer said. Initially, the complainant invested Rs 10,000 and the app started showing false returns. Lured by the promise of high returns, he invested a total of Rs 16.70 lakh. However, when he tried to withdraw his money, he was removed from the group, the officer said.
During investigation, it was found that the defrauded amount had been transferred to multiple bank accounts.
A sum of Rs 5 lakh was traced to a current account titled ‘Dharam Enterprises’ based in Noida, the officer said. Later, Kumar, who had opened the fraudulent bank account and sold it on commission to cyber criminals, was arrested from Hapur in UP on April 9. On his instance, another accused Tyagi was arrested, said DCP (central) M Harsha Vardhan.