According to officials, the victim came across an advertisement on social media related to stock market investments. After clicking on it, he was added to an investment group and asked to download a mobile application named QuantsAIS.
The complainant initially invested Rs 10,000. The app showed fake returns, which encouraged him to invest more, eventually putting in a total of Rs 16.70 lakh. However, when he tried to withdraw the money, he was removed from the investment group.
Deputy Commissioner of Police (Central) M Harsh Vardhan said a case was registered under Section 318(4) (cheating) of the Bharatiya Nyaya Sanhita at the Cyber Police Station in the Central District.
During the investigation, police analyzed bank statements and mobile numbers linked to the fraud. It was found that the money had been transferred to multiple accounts.
Based on technical evidence, two suspects — Aman Kumar (29) and Rahul Tyagi (39) — were arrested. Both were involved in managing fake bank accounts used in the scam. Police recovered 11 cheque books and three PAN cards issued in the names of unknown persons.
Further investigation revealed that two bank employees — Ankit Nagar and Abhishek Singh — helped the gang open these accounts by creating shell companies.
Police said the investigation is ongoing to identify other people and accounts connected to the racket.
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Cybercrime in India
