After quitting Rs 30 lakh job, techie poses as broker, swindles Rs 100 crore

A 31-year-old software engineer who was drawing nearly Rs 30 lakh a year at a multinational company has been arrested for allegedly leaving his corporate job to operate a fake online trading racket that defrauded hundreds of investors across India of nearly Rs 100 crore, the Delhi Police said.

Ravi Rathore, identified by police as the alleged mastermind, was arrested along with two associates after a multi-state operation spanning Karnataka and Madhya Pradesh.

According to Delhi Police, the accused allegedly created a fake mobile application and a fraudulent website to lure people into investing money under the guise of online trading, promising high guaranteed returns.

The syndicate allegedly targeted individuals interested in stock market investments and convinced them that the platform used advanced software-based tools to generate large profits without financial risk.

The fraud surfaced after a resident of Delhi’s Paharganj filed a complaint on the National Cyber Crime Reporting Portal, claiming he had been cheated through the platform.

Investigators said the complainant was contacted by unknown callers who persuaded him to download the app and begin investing.

Trusting their claims, he transferred Rs 10,000 through multiple online transactions.

Initially, the application displayed fabricated daily profits to gain his confidence.

Once he attempted to withdraw funds, the operators allegedly demanded more money under different excuses.

"However, whenever he attempted to withdraw the amount, he was allegedly asked to deposit additional funds on various pretexts such as taxes, account activation, and processing charges," Deputy Commissioner of Police Rohit Rajveer Singh said.

The victim later became suspicious after reading government advisories on cyber fraud and reported the matter.

An FIR was registered on May 1, following which police launched a detailed investigation involving technical surveillance, IP tracking, server log analysis and scrutiny of financial transactions.

The probe revealed that the backend infrastructure and control panel of the fake application were being operated from Bengaluru, while the calling operation and financial trail were traced to Sanawad in Madhya Pradesh’s Khargone district.

Two teams were then formed to track the suspects simultaneously in both states.

Police arrested Rathore in Bengaluru on May 3 and recovered two laptops, a mobile phone and an SUV allegedly bought using the proceeds of crime. A second team arrested his associates, Sudama and Vikash Rathod, from Sanawad on May 5.

During raids at the premises allegedly functioning as a call centre, police seized 17 mobile phones, five computers, 13 SIM cards, bank account records, ATM cards and digital data containing details of thousands of potential targets.

Investigators said female callers were deliberately employed to influence male victims into investing larger sums.

Rathore allegedly used his expertise in software development to create and maintain the fake platform, while Sudama financed operations and Vikash handled calls and investor outreach.

Technical analysis showed 636 victim accounts had been created on the platform.

Police found around 14,232 transactions amounting to nearly Rs 99.77 crore. Officials said part of the money was used to buy flats and other properties in Indore, besides luxury vehicles.

The accused are suspected to be linked to similar frauds in several states, and investigators are now tracing the full money trail, mule accounts and additional victims.

- Ends

With PTI inputs