Gwalior State Cyber Zone Police have arrested a mechanical engineer from Ratlam in connection with an alleged ₹21.05 crore cyber fraud, marking the second arrest in the case within days. Police identified the accused as 31-year-old Ankit Verma, who allegedly handled bank accounts, SIM collection and APK files for a cybercrime network.
The arrest follows that of Jagdish Malviya, a 41-year-old district panchayat member from Shajapur. According to the information available, ₹50 lakh linked to the fraud had been transferred into Malviya’s bank account. His questioning subsequently led investigators to Verma, who was arrested on Friday night.
The investigation began after Faridabad-based senior chartered accountant Ashok Vijayvargiya complained to cyber police that he had been induced through WhatsApp to invest a substantial amount on a trading platform called “Tradeecboeus”.
Fake Trading Portal Used to Lure Investor
Investigators found that the alleged fraudsters had created a fake web portal under the name “Tradeecboeus” to attract investors. The trading graph displayed on the website was allegedly manipulated to show fluctuating values, creating the impression that investments were generating genuine profits.
Vijayvargiya eventually invested approximately ₹21.05 crore after being drawn into the scheme. When he later attempted to withdraw his money, he was allegedly asked to pay ₹10 crore as income tax. This demand raised his suspicion that he had been defrauded, following which the matter reached the Gwalior State Cyber Zone.
Police said the fraudulent website was being controlled through a foreign IP address.
APK Files Allegedly Used to Auto-Forward OTPs
Questioning of the arrested accused revealed another method allegedly used by members of the network to gain access to banking transactions. According to the account given to police, APK files were activated on mobile phones in Bihar and Madhya Pradesh.
Once installed, OTPs received from banks were allegedly automatically forwarded to the main handler. The mechanism enabled members of the network to obtain OTPs without requiring them directly from the account holder each time.
Police said the accused allegedly assisted members of the cybercrime gang through this system. Verma, a mechanical engineer from Indranagar in Ratlam, is accused of handling fake bank accounts, collecting SIM cards and managing APK files.
Bank Accounts Allegedly Arranged for 2% Commission
Police said the money obtained from the Faridabad victim was transferred across dozens of bank accounts in different states. Malviya’s account was allegedly used to receive ₹50 lakh of the defrauded money.
Investigators said his bank account had allegedly been used to facilitate fraud involving people across six different states. In return, he allegedly received a 2% commission on every transaction. After Malviya was detained, police learned that he had allegedly provided his account to Verma on a commission basis.
The two accused were traced and arrested by a team led by Inspector Mukesh Narolia under the guidance of Cyber Police Inspector General Shivraj A. and Superintendent of Police Pranay Nagvanshi.
Police said the alleged network extended across six states. Investigators are now examining the role of other interstate members associated with the case and expect further details about the network to emerge as the investigation proceeds.
