NEW DELHI: The Cyber Cell of the Delhi Police has arrested four individuals, including two IDFC bank employees, for a fake trading app racket.
The police were informed about the incident through a complaint registered at the Cyber Police Station.
The accused were identified as Aman Kumar (29) and Rahul Tyagi (39), both residents of Hapur, Uttar Pradesh, Ankit Nagar (31), a resident of Gautam Budh Nagar, Uttar Pradesh and Abhishek Singh (26), a resident of Bareilly, Uttar Pradesh.
According to the police, the arrests followed a complaint from a Patel Nagar resident who was duped into investing via a bogus trading app after responding to a Facebook advertisement.
The victim initially invested Rs 10,000 through an app named ‘QuantsAIS’ after joining a WhatsApp group promising high stock market returns.
Encouraged by falsified profits displayed on the app, he invested a total of Rs 16.7 lakh.
His access was later revoked, prompting him to file a complaint on April 4. A case was registered under an FIR, and an investigation was launched.
A special team led by Inspector Sandeep Panwar uncovered that the defrauded amount had been routed through multiple bank accounts.
Rs 5 lakh was traced to an IDFC Bank account in the name of a fictitious firm, ‘Dharam Enterprises’.
Aman Kumar, who opened the account and sold it to fraudsters, was arrested in Hapur on April 9. His associate, Rahul Tyagi, who facilitated multiple fake accounts, was arrested in Noida a day later. Police recovered 11 cheque books and 3 PAN cards from his residence.
Further investigation revealed that shell companies were being created using forged documents to open current accounts.
Two IDFC Bank employees, Ankit Nagar and Abhishek Singh, were found complicit in bypassing verification protocols and were subsequently arrested.
Recovered items include 4 mobile phones, 11 cheque books, and 3 PAN cards. Authorities continue to trace other accomplices and fraudulent accounts linked to the racket.