Man Arrested for Rs 48 Lakh Fraud Using Fake Trading App

A 29-year-old man named Jitendra Sharma has been arrested for cheating people out of more than Rs 48 lakh using a fake trading app. He was caught by Delhi Police in Vangaon, a town in Maharashtra’s Palghar district.

According to the police, Sharma pretended to be the Managing Director of a private company to appear trustworthy. He used the company’s name and bank accounts to collect money from victims, promising them huge profits through a fake trading app.

The case came to light after a man named Vinay Singhal filed a complaint on March 17. Soon after, police found three more similar complaints. All the victims were told to download a trading app that looked real but was completely fake. They transferred their money into bank accounts shared by Sharma, hoping for big returns that never came.

Sharma made it difficult for police to track the money by using fake companies and purchasing old, unused bank accounts. He also earned a commission on each transaction. His accounts were linked to 46 complaints filed on the National Cybercrime Reporting Portal. Police said Sharma had already been arrested earlier in a similar case in Faridabad and was out on bail.

On May 16, police raided his location and arrested him. They seized four mobile phones, a laptop, a smartwatch, Rs 80,000 in cash, several debit cards, pen drives with transaction details, a company stamp, cheque books, and a bank passbook.

Deputy Commissioner of Police Nidhin Valsan said they were able to track Sharma through digital clues and KYC documents. The investigation is still ongoing, and police are now searching for others involved in the scam and trying to recover the stolen money.