New Delhi | A 31-year-old software engineer who was earning nearly Rs 30 lakh annually at a multinational company allegedly abandoned his corporate career to run a fake online trading racket that duped hundreds of investors across the country of nearly Rs 100 crore, the Delhi Police said on Monday.
The accused, identified as Ravi Rathore, was arrested from Bengaluru along with two associates following a multi-state operation, it said.
According to investigators, the syndicate used a fake mobile application and a fraudulent website to lure victims into investing money in the name of trading with promises of huge guaranteed returns.
"The fraud came to light after a resident of Paharganj lodged a complaint on the National Cyber Crime Reporting Portal, alleging that he had been cheated through a fake online trading platform," Deputy Commissioner of Police (Central) Rohit Rajveer Singh said in a statement.
The complainant allegedly received calls and messages from unknown people who persuaded him to download the mobile application, the officer said.
The fraudsters claimed their company used advanced software-based techniques in the stock market and assured him that the investments would generate heavy profits without any financial risk.
Believing their claims, the complainant transferred Rs 10,000 in multiple transactions through different online payment systems, the officer said.
Initially, the application displayed fake profits on a daily basis to gain the victim's confidence and encourage him to invest more money. "However, whenever he attempted to withdraw the amount, he was allegedly asked to deposit additional funds on various pretexts such as taxes, account activation, and processing charges," the DCP said.
Police said the complainant became suspicious after coming across government advisories regarding cyber fraud and immediately reported the matter, following which an FIR was registered on May 1.
During the investigation, police carried out extensive technical analysis, digital surveillance, financial transaction examination, IP tracking, and server log analysis.
The probe revealed that the backend infrastructure and control panel of the fraudulent application were being operated from Bengaluru in Karnataka, while the calling operations and money trail were linked to Sanawad in Madhya Pradesh's Khargone district.
Police said two teams were constituted to trace and apprehend the accused in Karnataka and Madhya Pradesh simultaneously.
"One team tracked Ravi Rathore in Bengaluru through technical surveillance and digital intelligence inputs. He was apprehended on May 3, and police recovered two laptops, a mobile phone, and an SUV allegedly purchased using proceeds of crime from his possession," he added.
Another team conducted raids in Sanawad and apprehended co-accused Sudama and Vikash Rathod on May 5. During searches at the premises allegedly being used as a call centre, police recovered 17 mobile phones, five computers, 13 SIM cards, bank account details, ATM cards, and digital data containing details of thousands of potential victims.
Police said the accused had established an organised interstate cyber fraud syndicate that specifically targeted people interested in online stock market investments. Female callers were intentionally employed at the call centre to influence and trap male victims into investing larger amounts, it said.
"Ravi Rathore is a computer science engineer who had previously worked with several international software development companies and was recently employed with a multinational company," the officer said.
"During interrogation, he allegedly disclosed that he possessed expertise in mobile application development and backend operations," he added.
Police said Rathore came into contact with Sudama through a relative, and together they hatched a conspiracy to create a fake online trading platform resembling genuine investment applications.
Rathore allegedly developed and maintained the fake application and fraudulent website, managed its upload on different platforms using fake credentials, and manipulated reviews and technical infrastructure to make the platform appear authentic.
Police said Sudama financed and operationally managed the setup while Vikash Rathod, who had prior experience working in call centres, handled victim communications, calls, and inducement of investors.
The accused deliberately persuaded victims to invest smaller amounts initially in order to avoid suspicion and reduce the chances of complaints being lodged. "The syndicate allegedly kept updating the application and website based on victim responses and operational experience to make the fraud appear more convincing," said the DCP.
Technical examination of the admin panel and backend data revealed that around 636 victim accounts had been created and operated through the fake platform. Investigators also found approximately 14,232 transactions involving cheated amounts totalling nearly Rs 99.77 crore.
"The cheated money was distributed among the accused according to their respective roles in the operation. Rathore allegedly used part of the proceeds to purchase flats and other properties in Indore besides luxury vehicles, including the SUV recovered during the raids," the DCP added.
Police also found that Sudama allegedly spent a portion of the proceeds on organising local cricket tournaments and was associated with a tennis ball cricket team.
Police said the accused are suspected of being involved in several similar cyber fraud cases across different states. A probe is underway to identify all the victims, trace the money trail, and uncover mule bank accounts.
