Delhi Police Busts Fake Trading App Racket, Arrests Four Accused

The Delhi Police has dismantled a sophisticated racket running a fake trading app, arresting four individuals, including two private bank employees, for allegedly facilitating fraud worth lakhs through forged documents and shell companies. The accused orchestrated a scheme that lured a complainant into investing Rs 16.70 lakh via a fraudulent trading application promoted on social media. The complainant was persuaded to invest further after being shown fake profits, only to be removed from the messaging group when they attempted to withdraw their money.

Key Takeaways:

• The Delhi Police busted a fake trading app racket, arresting four accused individuals, including two private bank employees, for allegedly facilitating fraud worth lakhs.
• The accused used forged documents to float shell companies and open current bank accounts, which were then sold or rented to cyber criminals to launder cheated funds.
• Two private bank employees, Ankit Nagar (31) and Abhishek Singh (26), were found to be involved in facilitating account openings without proper verification.
• The accused persons recovered 11 cheque books and three PAN cards issued in fictitious names from their possession.
• A total of four mobile phones were seized from the accused individuals.
• The police investigation revealed that the amount gained through the racket was distributed across multiple bank accounts, including one under the name of a private agency in a Noida-based private bank.
• Aman Kumar, a Hapur resident, had opened the fraudulent account and sold it to cyber criminals for commission, leading to his arrest.
• Rahul Tyagi, another Hapur resident, allegedly arranged fake bank accounts for cyber fraudsters, and his residence in Noida Sector-7 was raided, resulting in the recovery of the aforementioned documents.
• The police statement highlighted the crucial role of the bank officials in bypassing due diligence processes.

Statistics:

• The accused facilitated fraud worth lakhs through forging documents and shell companies.
• Rs 16.70 lakh was cheated from a single complainant through the fake trading app.
• The amount was distributed across multiple bank accounts, including one under the name of a private agency in a Noida-based private bank.
• Four mobile phones, 11 cheque books, and three PAN cards issued in fictitious names were recovered from the accused individuals.
• A total of four individuals were arrested in connection with the racket.

Sources:

• HT Digital Content Services