Delhi Police busts trading app scam, 3 arrested
What's the story
The Delhi Police has busted an investment fraud racket, arresting multiple people, including a bank official. The accused allegedly duped a retired government officer of over ₹45 lakh using a fake trading application. With these arrests, the total number of people arrested in the case has gone up to three.
Accused details
Accused posed as representatives of reputed investment firms
The accused have been identified as Kapil Bain and Manoj Sharma from Udham Singh Nagar in Uttarakhand, and Kamal Pandey, an assistant manager at a bank. The fraudsters posed as representatives of reputed investment firms and lured the victim into investing in IPOs with promises of high returns. They used a professionally designed fake application and website to gain his trust.
Money trail
Defrauded amount routed through multiple mule bank accounts
The police said the defrauded amount was routed through multiple mule bank accounts opened in the names of economically vulnerable people. The money was quickly withdrawn after deposits. Bain and Sharma allegedly operated these mule accounts, where the cheated money was deposited and withdrawn through cheques on the same day.
Fraud facilitation
Pandey's role emerged during the investigation
Pandey's role emerged during the investigation as he allegedly facilitated the fraud by helping open mule accounts. He also shared sensitive transaction details and expedited withdrawals within bank premises. The arrests were made during a coordinated operation in Udham Singh Nagar following sustained technical surveillance. The police are now looking for other syndicate members and additional victims targeted via similar fraudulent platforms.