Delhi Police Crack Major Fake Trading Scam, Four Arrested

Delhi Police's Crime Branch has dismantled a fraudulent online trading network, arresting four individuals in Kolkata and Lucknow. The gang deceived victims with fake trading apps, stealing crores. Over 260 bank accounts and numerous shell companies were involved, with links to international operators in Cambodia.

In a significant breakthrough, the Inter-State Cell of the Crime Branch, Delhi Police, has successfully dismantled a sophisticated online trading scam, arresting four key suspects in Kolkata and Lucknow, authorities revealed. The gang employed fake trading apps and Telegram channels to lure victims with promises of lucrative returns, ultimately swindling them of several crores.

As per police reports, the scam operated through social media platforms, where attractive advertisements offering 'online trading investments' led victims to fraudulent Telegram groups named after legitimate brokers. Victims, upon being convinced, were tricked into downloading fake trading applications that displayed fabricated profits. Initially, small profits were credited to victims to build confidence, followed by demands for fees and activation charges for withdrawals, resulting in total financial losses for the victims.

The police uncovered that these platforms mimicked genuine trading apps but were not accredited by any regulatory body. Investigations, aided by the I4C platform, traced money trails and KYC data, uncovering a Kolkata-based syndicate aiding the scam with shell companies and fake bank accounts. The syndicate's members were apprehended with incriminating evidence, revealing the vast extent of their fraudulent operations and international connections.

(With inputs from agencies.)