NEW DELHI: Four people were arrested for duping a Delhi resident of more than Rs 45 lakh through fake stock trading and investment schemes, police said on Sunday.
The accused operated an organised network across several states, including Punjab, Rajasthan, Uttar Pradesh, Haryana, and Delhi, creating fake social media handles and investment groups that offered stock market tips and promised high returns, they said.
The case dates back to 2025, when police received a complaint from a Delhi resident who was allegedly cheated of Rs 45.25 lakh.
The victim was approached through a social media account and later added to a group run by the fraudsters, who posed as financial advisors, police said.
“The victim was asked to transfer funds through 15 transactions into eight different bank accounts over a period of about one month. When the complainant later attempted to withdraw his investment and promised profits, the group and social media account became inactive, and the trading application stopped functioning,” Deputy Commissioner of Police (Crime) Aditya Gautam said.
The four accused have been identified as Rishu Garg, Deepak Joon alias Vikas, Amit Giri and Sunil Kumar.
Renu Garg, mother of Rishu Garg, was bound down after Rs 4 lakh of the cheated amount was traced to her account, allegedly operated by her son. Police said the accused used mule accounts, fake testimonials and a fraudulent trading app. Phones, SIM cards and bank accounts have been seized.