The Delhi Police has uncovered an investment fraud racket and arrested three individuals, including a bank official, for allegedly cheating a retired government officer of over Rs 45 lakh through a fake trading application, officials said on Sunday. With these arrests, the total number of accused in the case has risen to five.
The accused have been identified as Kapil Bain (25) and Manoj Sharma (26), both residents of Udham Singh Nagar in Uttarakhand, along with Kamal Pandey (24), a resident of Gadarpur in the same district, who was employed as an assistant manager in a bank.
The case came to light after a retired government officer filed a complaint alleging that he was duped of Rs 45.33 lakh on the pretext of investing in the stock market through a mobile application that appeared to be a legitimate trading platform.
According to a senior police officer, the fraudsters posed as representatives of reputed investment firms and persuaded the victim to invest in IPOs by promising high and assured returns. To build credibility, they used a professionally designed fake app and website, which convinced the victim of its authenticity.
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Investigators found that the defrauded money was routed through multiple mule bank accounts, often opened in the names of economically vulnerable individuals. The funds were quickly withdrawn soon after being deposited to avoid detection. Kapil Bain and Manoj Sharma allegedly managed these mule accounts, ensuring that the cheated money was deposited and withdrawn via cheques on the same day.
During the investigation, the role of Kamal Pandey came to light. He is accused of facilitating the fraud by helping open mule accounts, sharing sensitive banking details, and expediting withdrawals from within bank premises.
The arrests were carried out during a coordinated operation in Udham Singh Nagar following sustained technical surveillance. Bain and Sharma were apprehended first, while Pandey was later arrested based on information obtained from them.
Police officials said further investigations are ongoing to identify other members of the syndicate, track the money trail, and locate additional victims who may have been targeted using similar fraudulent platforms.
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