New Delhi. Delhi Police has arrested three people, including a bank assistant manager, in connection with a fake trading app scam that allegedly duped a retired government officer of more than ₹45 lakh. Investigators said the accused posed as representatives of reputed investment firms and used a fake digital trading platform to lure the victim with promises of IPO investments and quick returns.
Fake App Used to Create Investment Illusion
According to officials, the fraudsters used a professionally designed fake trading application and a parallel website interface to make the investment process appear genuine. The victim was allegedly persuaded to invest in initial public offerings after being assured of high and quick returns.
The fraud came to light after the victim noticed discrepancies in his investment account and reported the matter to authorities. A technical investigation was then launched, leading police to examine digital footprints, transaction records and communication trails linked to the accused.
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Mule Accounts Used to Move Funds
The arrested accused have been identified as Kapil Bain and Manoj Sharma, both residents of Udham Singh Nagar in Uttarakhand, and Kamal Pandey, who was working as an assistant manager in a bank. Investigators said the siphoned amount was routed through multiple mule bank accounts.
Police said the mule accounts were reportedly opened in the names of economically vulnerable individuals, who were either unaware of their misuse or were manipulated into providing access. Once the money entered these accounts, it was allegedly withdrawn quickly, often on the same day, through cheque transactions and other rapid transfer methods.
Bank Official’s Role Under Investigation
Investigators alleged that Bain and Sharma operated and controlled the mule accounts, while Kamal Pandey played a key role in facilitating account opening and expediting transactions within the banking system. He is also accused of sharing sensitive banking information and helping bypass internal compliance checks.
The arrests were made after sustained technical surveillance and coordinated operations in Udham Singh Nagar. Police believe the case may be part of a larger organised cyber-enabled financial fraud network using fake investment platforms to target retirees and people seeking safe investment opportunities.
Authorities are now scanning digital records to identify additional victims and trace the ultimate beneficiaries of the scam. Further investigation is underway to determine whether the network is linked to similar fraud cases reported in other states.
