Fake Trading App Fraud: Two Arrested From Indore For ₹1.16 Crore Scam

Indore (Madhya Pradesh): The State Cyber Cell arrested two men in connection with a fraud case involving a fake share-trading and marketing app, an officer said on Sunday. The action followed a complaint by a victim who was cheated of Rs 1.16 crore by conmen promising high profits.

SP (Cyber) Sabyasachi Saraf said the complainant was contacted via online platforms and persuaded to invest in fraudulent trading applications. Believing the claims, he transferred a total of Rs 1,16,39,835 into multiple bank accounts provided by the fraudsters. When he failed to receive any returns, he approached the authorities.

The cell registered the complaint on the NCRP portal and initiated a case under relevant sections of the BNS and the IT Act. Investigation revealed that the suspects provided their bank accounts and linked SIM cards to fraudsters in exchange for commissions.

Based on this, the Cyber Cell team arrested Akash Chauhan, a resident of Harsola village in Mhow, and his associate Ashish alias Deepak Yadav, a resident of Vijayvargiya Nagar, a couple of days ago. Both were presented before the court and sent to jail.

The police have issued an advisory urging citizens to invest only through SEBI-registered companies and to consult trusted financial experts to avoid falling victim to such scams.