Delhi Police’s inter-state cell busts fake online trading scam, arrests four

NEW DELHI: The Inter-State Cell (ISC) of the Crime Branch, Delhi Police, has busted an organised fake online trading scam network and arrested four key accused from Kolkata and Lucknow. The gang cheated victims of over ?300 crore by luring them with promises of high returns through fake trading apps and Telegram groups.

According to police, victims were first contacted via WhatsApp, Telegram, Instagram and Facebook through attractive ads. They were then added to Telegram groups like Ventura Securities, Go Market Global and IPO Stock Trading, impersonating legitimate brokers. Victims were made to download fraudulent apps that showed manipulated dashboards with fake profits. Small initial gains were credited to build trust, after which victims were asked to invest larger sums. Later, additional demands were made for taxes or fees, and once large amounts were transferred, the money was lost.

Police said these apps closely resembled genuine trading platforms but were unapproved by any regulator. The investigation revealed the use of mule bank accounts procured through handlers across India, with OTPs auto-shared using APK-based mobile apps.

Analysis of I4C data, money trails and KYC records from over 200 bank branches led to the discovery of shell companies and fake current accounts created by a Kolkata-based syndicate. Biswajit Mondal was arrested on December 29, 2025, followed by Ashish on January 1, 2026. Further arrests included Rajibb Shah from Lucknow on January 6, 2026, and handler Shubham Sharma from Kolkata. Several electronic devices, cheque books, ATM cards and SIM cards were seized.

Police said the network was linked to Cambodia-based operators handling crypto transactions. Over 260 bank accounts were opened in the names of 105 fake companies, with 2,567 complaints registered nationwide. The racket had been operating for four to five years, exploiting technical expertise and legal loopholes. (ANI)

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