Software Engineer Leaves Rs 30 Lakh Job To Run Rs 100 Crore Fake Trading Scam, Arrested

Delhi Police arrested software engineer Ravi Rathore and two associates for allegedly running a fake online trading scam worth nearly Rs 100 crore. The group created a fraudulent app and website, promising high returns. A complaint from Paharganj led to investigation, technical tracking, and raids in Karnataka and Madhya Pradesh. 

Delhi Police have arrested a 31-year-old software engineer who was earning nearly Rs 30 lakh per year at a multinational company. Police say he left his corporate job to run a fake online trading racket that cheated hundreds of investors across India. The accused, identified as Ravi Rathore, is believed to be the main person behind the fraud. Police arrested him along with two associates after a multi-state operation that covered Karnataka and Madhya Pradesh.

How the fraud worked

According to Delhi Police, as reported by India Today, the accused created a fake mobile application and a fraudulent website. The platform was presented as an online trading service. Victims were promised high guaranteed returns with no financial risk.

The syndicate mainly targeted people interested in stock market investments. They told investors that the system used advanced software tools that could generate large profits safely.

Police said the group used convincing methods to gain trust and encourage people to invest money.

Complaint that started the investigation

The case came to light after a resident of Delhi’s Paharganj area filed a complaint on the National Cyber Crime Reporting Portal. The complainant said he was contacted by unknown callers. They persuaded him to download the trading app and start investing.

Trusting their claims, he transferred Rs 10,000 through several online transactions.

At first, the app showed fake daily profits to build confidence. The display was designed to look real and encourage further deposits.

Demands for more money

When the victim tried to withdraw his money, the operators allegedly asked him to deposit more funds.

Deputy Commissioner of Police Rohit Rajveer Singh said that every time the victim attempted to withdraw money, he was told to pay extra amounts. The excuses included taxes, account activation fees, and processing charges.

These repeated demands made the victim suspicious. After reading government warnings about cyber fraud, he realised he had been cheated and reported the matter to authorities.

FIR and investigation

An FIR was registered on May 1. After that, Delhi Police started a detailed investigation.

The probe included technical surveillance, IP address tracking, server log analysis, and examination of financial transactions.

Investigators found that the backend system and control panel of the fake app were operated from Bengaluru. The calling operations and financial trail were traced to Sanawad in the Khargone district of Madhya Pradesh.

Police formed two separate teams to catch the suspects in both states.

Arrests and recovered items

Ravi Rathore was arrested in Bengaluru on May 3. Police recovered two laptops, a mobile phone, and an SUV that was allegedly bought using money from the fraud.

On May 5, another team arrested his associates, Sudama and Vikash Rathod, from Sanawad.

During raids at what police described as a call centre, officers seized 17 mobile phones, five computers, 13 SIM cards, bank account records, ATM cards, and large amounts of digital data. The data included details of thousands of potential victims.

How victims were targeted

Investigators said the group hired female callers to contact victims. The aim was to gain trust and encourage male investors to put in more money.

Police believe this strategy helped the group convince people to invest larger sums.

Role of each accused

Police said Rathore used his background in software development to create and maintain the fake trading platform.

Sudama allegedly funded the operations. Vikash handled calls and communicated with investors to promote the scheme.

Scale of the fraud

Technical analysis showed that 636 victim accounts were created on the platform. Police found around 14,232 transactions linked to the racket. The total amount involved was nearly Rs 99.77 crore.

Officials said part of the money was used to buy flats and other properties in Indore. Luxury vehicles were also purchased.

Possible wider network

Investigators suspect that the accused may be linked to similar fraud cases in other states. Police are now tracing the full money trail. They are also checking mule accounts used to move funds and identifying more victims.

The case highlights how online fraud can look real and convincing. Police action has exposed a large network that allegedly used technology to cheat investors.

Investigations are still ongoing. Authorities say more details may emerge as they continue tracking financial records and digital evidence. The arrests are a major step in stopping the racket and protecting future investors.