NEW DELHI: Delhi Police said it had dismantled a multi-state network that allegedly lured investors through fake stock-trading groups and social media accounts, siphoning more than ₹45 lakh from a Delhi resident over the course of a month.
A Promise of Profit
The promise was simple and urgent: insider knowledge, expert guidance and unusually high returns from stock market investments. For a Delhi resident who filed a complaint earlier this year, it unfolded instead into a loss of ₹45.25 lakh, police officials said on Sunday.
According to investigators, the victim was first approached through social media and later added to an online investment group operated by individuals posing as financial advisers. Within the group, members were offered stock market “tips” and shown apparent proof of profitable trades. When the victim attempted to withdraw his investment and the profits he believed he had earned, the group and related social media accounts were deactivated. The trading application stopped functioning. The case, registered in 2025, has since led to the arrest of four people, Delhi Police said.
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A Network Across States
Police identified the arrested men as Rishu Garg, Deepak June, also known as Vikas, Amit Giri and Sunil Kumar. Officials said the accused were part of an organized network operating across several states, including Punjab, Rajasthan, Uttar Pradesh, Haryana and Delhi.
Investigators alleged that the group created fake social media profiles and investment communities to attract individuals seeking stock market gains. Once trust was established, victims were persuaded to transfer funds into multiple bank accounts under the control of the network.
Deputy Commissioner of Police (Crime) Aditya Gautam said the complainant was instructed to transfer money in approximately 15 separate transactions into eight different bank accounts over about a month. The layered transactions, police said, were designed to complicate tracking and recovery.
The Financial Trail
During the investigation, officers traced portions of the defrauded funds through various accounts. According to the police, ₹4 lakh from the cheated amount had been deposited into a bank account held in the name of Renu Garg, the mother of one of the accused, Rishu Garg.
Renu Garg was also bound down under relevant legal provisions, police said. She told investigators that her son had been operating the account.
Authorities further alleged that Rishu Garg provided Deepak June with net banking credentials in exchange for ₹25,000 and increased the transaction limit of the account to ₹1 crore to facilitate the transfers. Police said they had frozen several bank accounts connected to the operation.
Seizures and Ongoing Search
As part of the crackdown, officers seized four mobile phones and six SIM cards. The devices are being examined for additional leads, officials said.
Investigators believe the network may extend beyond those already arrested. A search is underway for other members of the syndicate, including an individual referred to by the alias “Max,” who is suspected to be operating from outside Delhi.
Police described the case as part of a broader pattern of fraudulent stock trading and investment schemes that rely on fabricated digital identities and coordinated online groups to extract large sums from individuals.
For the complainant, the alleged deception spanned weeks of calculated persuasion and repeated transfers — a pattern that, investigators say, mirrors other recent cases in which digital platforms have been used to simulate legitimacy while masking a coordinated financial fraud.
