Man dupes investors via fake app, arrested
New Delhi: A 29-year-old man, identified as Jitendra Sharma, was arrested for duping people under the pretext of investment by creating a
fake stock trading app
. The accused, along with members of his gang, placed advertisements on Instagram and WhatsApp to lure victims.
According to police, the complainant, Vinay Singhal, was targeted through social media and persuaded to join a fraudulent investment group. He was tricked into downloading a counterfeit trading app that closely resembled a legitimate one. Believing the scheme to be genuine, he transferred money to multiple bank accounts, relying on the high returns displayed by the fake app. Deputy Commissioner of Police (outer north) Nidhin Valsan said a raid was conducted in Palghar, Maharashtra, where Sharma was arrested.
The gang developed fake trading platforms promising substantial returns to attract unsuspecting investors. Once the victims transferred funds, the money was swiftly diverted to accounts belonging to shell companies and individuals. To obscure the money trail, they used dormant bank accounts purchased from others and withdrew the funds before they could be traced.
Sharma was posing as a managing director and was previously arrested in a cyber fraud case. TNN
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