New Delhi: A 29-year-old man, Jitendra Sharma, was arrested for cheating several people of over Rs 48 lakh using a fake trading app. He was caught in Vangaon, a town in Maharashtra’s Palghar district. Delhi Police had been tracking him based on complaints from people who were tricked into investing money through a fake app that promised big profits.
Posed as Financial Company Officer
According to police, Sharma acted as the Managing Director of a private company and used that name to make his fraud look real. He gave his company’s bank accounts to collect money from victims and earned commission on those transactions. His accounts were linked to 46 complaints on the National Cybercrime Reporting Portal.
Victims Lured with Fake App
One victim, Vinay Singhal, filed a complaint on March 17, which led to the investigation. Later, police found three more similar complaints. All victims were asked to download a fake trading app that looked like a real one. They were promised high returns if they invested money, which they transferred to bank accounts shared by Sharma.
Smart Tricks Used to Hide Money
Sharma used fake companies and bought old, unused bank accounts to move the stolen money fast. This made it harder for the police to trace the funds. He had already been arrested earlier for a similar crime in Faridabad and was out on bail.
Police Seized Digital Devices and Cash
On May 16, the police raided his location and arrested him. They found and seized four mobile phones, a laptop, a smartwatch, Rs 80,000 in cash, debit cards, pen drives containing transaction records, a company stamp, cheque books, and a bank passbook.
Investigation Still On
Deputy Commissioner of Police Nidhin Valsan said that by checking digital footprints and KYC documents, they were able to catch Sharma. The police are now looking for other people involved in the scam and trying to recover the money.
(With PTI Inputs)
