The Delhi Police has busted a racket running a fake trading app and arrested four people, including two private bank employees, for allegedly facilitating fraud worth lakhs through forged documents and shell companies.
The arrested accused has been identified as Aman Kumar, Rahul Tyagi, Ankit Nagar and Abhishek Singh.
Police have recovered four mobile phones, 11 cheque books and three PAN cards from their possession.
The action follows a complaint filed by a Patel Nagar resident who alleged he was duped of `16.70 lakh after being lured into investing the amount via a fraudulent trading application promoted through a social media advertisement, they said.
According to police, the complainant clicked on the advertisement and was redirected to a messaging group where he was persuaded to invest in the app.
The complainant said he initially invested `10,000 and the app showed fake profits, prompting him to make further deposits to the tune of `16.70 lakh. When he attempted to withdraw the money, he was removed from the messaging group.
Based on the complaint, police registered an FIR and launched a probe.
A detailed analysis of the financial transactions revealed that the amount has been distributed across multiple bank accounts, including one under the name of a private agency in a Noida-based private bank.
Police traced this account and arrested Aman Kumar (29), a Hapur resident. Aman had opened the fraudulent account and sold it to cyber criminals for commission, they said.
Aman’s interrogation led to the arrest of Rahul Tyagi (39), another Hapur resident, who allegedly arranged fake bank accounts for cyber fraudsters.
A raid at Tyagi’s residence in Noida Sector-7 led to the recovery of 11 cheque books and three PAN cards issued in fictitious names, police said.
“Further investigation revealed the use of forged documents to float shell companies, which were then used to open current bank accounts. Two private bank employees — Ankit Nagar (31) and Abhishek Singh (26) — were found to be involved in facilitating these account openings without proper verification,” a police statement said.
“The accused persons floated fake firms to open current accounts in private sector banks using forged documentation. These accounts were then sold or rented to cyber criminals, enabling the laundering of cheated funds. The role of the bank officials was crucial in bypassing due diligence processes,” read the statement.
Further investigation is underway to trace other persons and accounts involved in the racket, police added.
