Police in Uttar Pradesh’s Azamgarh district have busted an interstate cyber fraud racket that allegedly cheated investors of nearly ₹1 crore through a fake online trading application, arresting two key operatives following a multi-state technical probe spanning Madhya Pradesh and Delhi.
The arrests were made on Tuesday after investigators analysed bank transaction trails, mobile phone locations and digital evidence, leading them to suspects operating out of Ujjain and Indore. Officials said the scam had triggered at least 12 complaints from different states, pointing to a well-organised network targeting victims through social media advertisements.
The case was registered at the Cyber Crime Police Station, Azamgarh, based on a complaint by Ashok Kumar Agrawal, a resident of Badarka under Kotwali police station limits.
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How the scam worked
According to police, the accused promoted a fraudulent trading platform called “Next Trade” through Facebook advertisements, luring users with promises of high and assured returns. After initial contact on a mobile number mentioned in the ad, victims were persuaded to download the app and invest money.
“In the initial phase, the app showed fake profits to build trust. When the victim attempted to withdraw funds, the app blocked the user ID and all communication stopped,” a senior officer said.
In Agrawal’s case, police said he invested ₹8.99 lakh before realising the platform was fictitious and approaching authorities.
Organised racket, bank insiders involved
SP (Traffic), Vivek Tripathi, the nodal officer overseeing the probe, said interrogation revealed that the accused were part of a structured cybercrime syndicate operating across states.
“The defrauded money was routed through mule bank accounts. Some bank employees misused their positions by providing pre-signed blank cheques, enabling immediate cash withdrawals as soon as funds were credited,” Tripathi said.
Police said the group maintained detailed records of transactions and commission splits within the gang.
Accused arrested, seizures made
The two arrested accused have been identified as:
- Indrajeet Dey, permanent resident of East Delhi, currently staying in Annapurna Nagar, Nana Kheda police station area, Ujjain
- Ankesh Dhakad, permanent resident of Jagatpur, Kolaras (Shivpuri), currently residing in Ahilyapuri under Bhanwarkuan police station, Indore
Dhakad is employed with Kotak Mahindra Bank, police said.
From their possession, investigators seized:
- Three mobile phones
- Three ATM cards
- Two cheque books
- One bank ID
- One Jio SIM card
- ₹870 in cash
More accused absconding
Police said several other members of the syndicate are currently absconding. These include Gopal Bhadauria (also a bank employee), Madhav, Raki, and Pritam, the latter allegedly linked to YES Bank.
Raids are underway to trace their locations and freeze additional bank accounts linked to the fraud.
Cyber safety advisory issued
Police have issued a public advisory urging citizens to remain vigilant against online investment scams:
- Download apps only from official app stores such as Google Play
- Avoid installing APK files from unknown or third-party websites
- Do not click on investment links received via WhatsApp or social media
- Carefully review app permissions before installation
- Uninstall suspicious apps immediately and run a system scan
- Report cyber fraud promptly to local police or cybercrime portals
Officials said the investigation is ongoing and further arrests are expected as financial and digital trails are examined.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
