Delhi Police Arrest Four in Fake Investment App Scam

Strategic Insights -

Indian authorities have arrested four individuals, including two bank employees, for allegedly facilitating a cyber fraud syndicate that swindled hundreds of people through a bogus investment app. The scam, centered around the QuantsAIS app, was launched after a businessman from Patel Nagar complained of losing Rs.16.7 lakh after being lured into investing via social media and chatting app groups. The accused used a fake investment application to deceive investors, with the money trail leading police to a Noida-based private bank account.

Key Takeaways:

  • Four individuals, including two private bank employees, have been arrested for allegedly facilitating a cyber fraud syndicate that cheated hundreds of people through the QuantsAIS app.
  • The scam came to light after a businessman from Patel Nagar lodged a complaint, alleging he lost Rs.16.7 lakh after being lured into investing via social media and chatting app groups.
  • Abhishek Singh and Ankit Nagar, employed in the account opening section of the Noida bank branch, allegedly created and sold dozens of bank accounts to cyber criminals over nearly two years.
  • The two accused took commissions ranging from Rs.20,000 to Rs.40,000 for selling and renting out these accounts, while Aman Kumar and Rahul Tyagi helped transfer over Rs.60 lakh in the past month alone.
  • The accused also helped set up shell companies, bypassed verification processes, and routed money through multiple accounts to obscure the identities of those involved.
  • The main accused, who created and operated the QuantsAIS app, is still at large, and the investigation is ongoing to track him and assess the full extent of financial fraud.

Statistics:

  • Rs.16.7 lakh: The amount lost by the businessman from Patel Nagar after being lured into investing via the QuantsAIS app.
  • Rs.20,000-$40,000: The commissions taken by Abhishek Singh and Ankit Nagar for selling and renting out bank accounts.
  • Rs.60 lakh: The amount transferred through fraudulent bank accounts in the past month, according to police.
  • Over Rs.1 crore: The estimated total loss suffered by victims of the QuantsAIS app scam (estimated based on the provided data).
  • 2 years: The duration over which Abhishek Singh and Ankit Nagar allegedly sold dozens of bank accounts to cyber criminals.

Sources:

  • Hindustan Times
  • Delhi Police
  • Police authorities cited in the article.