A cyber complaint for a mere 10,000 rupees led to the exposure of a Rs 100 crore trading scam, which targeted 600 people across India. The scam was uncovered after one Arvind Gupta filed a complaint alleging loss of Rs 10,000 after using a suspicious trade application, as per reports.
During the police investigation, it emerged that the stock trading app in question was fake and designed by scammers to mimic a legitimate trading platform. What tricked investors who downloaded the app was its realistic dashboard, automated returns, profit graphs, etc.
At first, the app showed small profits; however, when investors tried to withdraw funds, the app blocked transactions. It said that investors could withdraw their supposed profit amount only after making additional payments in the name of ‘account verification’ or ‘tax clearance’.
Acting on Gupta’s complaint, the Delhi Police arrested software engineer Ravi Rathore, cricket coach Sudama, and call centre operator Vikas Rathore for swindling more than 600 people and tricking them into investing over Rs 90 crores through their fake trading application.
Ravi Rathore was arrested in Bengaluru and is reported to have previously worked at a multinational company, earning over Rs 30 lakh annually.
“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.
