A 31-year-old software engineer who was reportedly earning nearly Rs 30 lakh annually at a multinational company has been arrested for allegedly running a massive fake online trading racket that cheated investors of almost Rs 100 crore across India, according to Delhi Police.
The accused, identified as Ravi Rathore, was arrested from Bengaluru along with two associates after a multi-state operation carried out by police teams in Karnataka and Madhya Pradesh.
According to PTI, investigators said the cyber fraud syndicate operated through a fake trading mobile application and a fraudulent investment website that promised users huge guaranteed returns through stock market trading.
How did the fake trading app scam begin?
As per PTI, the fraud came to light after a resident of Paharganj in Delhi filed a complaint on the National Cyber Crime Reporting Portal.
Deputy Commissioner of Police (Central) Rohit Rajveer Singh said: “The fraud came to light after a resident of Paharganj lodged a complaint on the National Cyber Crime Reporting Portal, alleging that he had been cheated through a fake online trading platform.”
Police said the complainant was allegedly contacted by unknown individuals through calls and messages and was persuaded to download the fake investment application.
The fraudsters reportedly claimed that their company used “advanced software-based techniques” in the stock market and assured investors that they would earn massive profits without financial risk.
Believing the claims, the victim allegedly transferred Rs 10,000 through multiple online payment transactions.
How did the fake online trading racket work?
According to PTI, the fake trading application initially displayed fabricated daily profits to gain the victim’s confidence and encourage larger investments.
However, whenever victims attempted to withdraw money, they were allegedly asked to deposit more funds under different excuses, including:
Delhi Police tracked the scam through digital surveillance
Investigators carried out extensive technical analysis, including:
Police then formed separate teams to simultaneously track suspects in Karnataka and Madhya Pradesh.
Delhi Police said Ravi Rathore was traced through technical surveillance and digital intelligence inputs before being arrested in Bengaluru on May 3.
PTI quoted police as saying: “One team tracked Ravi Rathore in Bengaluru through technical surveillance and digital intelligence inputs.”
During the operation, police allegedly recovered:
Another police team later conducted raids in Sanawad and arrested co-accused Sudama and Vikash Rathod on May 5.
Fake call centre allegedly used female callers to target investors
Police claimed the accused were operating an organised interstate cyber fraud syndicate specifically targeting people interested in stock market investments and online trading.
According to PTI, investigators alleged that female callers were deliberately employed at the fake call centre to influence and manipulate male investors into depositing larger amounts.
During raids, police reportedly recovered:
Software engineer allegedly built fake trading app and website
Police said Ravi Rathore was a computer science engineer who had previously worked with international software development firms and was recently employed at a multinational company.
PTI quoted police as saying: “Ravi Rathore is a computer science engineer who had previously worked with several international software development companies and was recently employed with a multinational company.”
During interrogation, Rathore allegedly admitted he had expertise in mobile app development and backend systems.
Investigators said he allegedly developed and maintained the fake trading app and fraudulent investment website while also managing uploads, fake credentials and manipulated reviews to make the platform appear genuine.
Police claimed Sudama handled financing and operational management, while Vikash Rathod managed victim communication and investor inducement through call centre operations.
Nearly Rs 100 crore transactions under scanner
According to Delhi Police, technical examination of backend systems and admin panel data revealed that around 636 victim accounts had allegedly been created on the fake platform.
Investigators reportedly found nearly 14,232 transactions involving cheated amounts totalling approximately Rs 99.77 crore.
PTI quoted police as saying the accused allegedly distributed the cheated money among themselves based on their respective operational roles.
Police further alleged that Ravi Rathore used part of the proceeds to purchase:
Police suspect wider cyber fraud network
Delhi Police said the accused are suspected to be involved in multiple similar cyber fraud cases across different states.
The investigation is currently focused on:
According to PTI, police said the accused deliberately encouraged victims to start with smaller investments to reduce the chances of immediate complaints before persuading them to invest larger sums later.
Inputs from agencies
The accused, identified as Ravi Rathore, was arrested from Bengaluru along with two associates after a multi-state operation carried out by police teams in Karnataka and Madhya Pradesh.
According to PTI, investigators said the cyber fraud syndicate operated through a fake trading mobile application and a fraudulent investment website that promised users huge guaranteed returns through stock market trading.
How did the fake trading app scam begin?
As per PTI, the fraud came to light after a resident of Paharganj in Delhi filed a complaint on the National Cyber Crime Reporting Portal.Deputy Commissioner of Police (Central) Rohit Rajveer Singh said: “The fraud came to light after a resident of Paharganj lodged a complaint on the National Cyber Crime Reporting Portal, alleging that he had been cheated through a fake online trading platform.”
Police said the complainant was allegedly contacted by unknown individuals through calls and messages and was persuaded to download the fake investment application.
The fraudsters reportedly claimed that their company used “advanced software-based techniques” in the stock market and assured investors that they would earn massive profits without financial risk.
Believing the claims, the victim allegedly transferred Rs 10,000 through multiple online payment transactions.
How did the fake online trading racket work?
According to PTI, the fake trading application initially displayed fabricated daily profits to gain the victim’s confidence and encourage larger investments.However, whenever victims attempted to withdraw money, they were allegedly asked to deposit more funds under different excuses, including:
- Taxes
- Processing charges
- Account activation fees
- Verification costs
Delhi Police tracked the scam through digital surveillance
Investigators carried out extensive technical analysis, including:- IP tracking
- Server log examination
- Digital surveillance
- Financial transaction analysis
Police then formed separate teams to simultaneously track suspects in Karnataka and Madhya Pradesh.
Ravi Rathore arrested from Bengaluru
Delhi Police said Ravi Rathore was traced through technical surveillance and digital intelligence inputs before being arrested in Bengaluru on May 3.PTI quoted police as saying: “One team tracked Ravi Rathore in Bengaluru through technical surveillance and digital intelligence inputs.”
During the operation, police allegedly recovered:
- Two laptops
- A mobile phone
- An SUV allegedly purchased using proceeds of crime
Another police team later conducted raids in Sanawad and arrested co-accused Sudama and Vikash Rathod on May 5.
Fake call centre allegedly used female callers to target investors
Police claimed the accused were operating an organised interstate cyber fraud syndicate specifically targeting people interested in stock market investments and online trading.According to PTI, investigators alleged that female callers were deliberately employed at the fake call centre to influence and manipulate male investors into depositing larger amounts.
During raids, police reportedly recovered:
- 17 mobile phones
- Five computers
- 13 SIM cards
- ATM cards
- Bank account details
- Digital records containing information of thousands of potential victims
Software engineer allegedly built fake trading app and website
Police said Ravi Rathore was a computer science engineer who had previously worked with international software development firms and was recently employed at a multinational company.PTI quoted police as saying: “Ravi Rathore is a computer science engineer who had previously worked with several international software development companies and was recently employed with a multinational company.”
During interrogation, Rathore allegedly admitted he had expertise in mobile app development and backend systems.
Investigators said he allegedly developed and maintained the fake trading app and fraudulent investment website while also managing uploads, fake credentials and manipulated reviews to make the platform appear genuine.
Police claimed Sudama handled financing and operational management, while Vikash Rathod managed victim communication and investor inducement through call centre operations.
Nearly Rs 100 crore transactions under scanner
According to Delhi Police, technical examination of backend systems and admin panel data revealed that around 636 victim accounts had allegedly been created on the fake platform.Investigators reportedly found nearly 14,232 transactions involving cheated amounts totalling approximately Rs 99.77 crore.
PTI quoted police as saying the accused allegedly distributed the cheated money among themselves based on their respective operational roles.
Police further alleged that Ravi Rathore used part of the proceeds to purchase:
- Flats and properties in Indore
- Luxury vehicles, including the recovered SUV
Police suspect wider cyber fraud network
Delhi Police said the accused are suspected to be involved in multiple similar cyber fraud cases across different states.The investigation is currently focused on:
- Identifying all victims
- Tracing the complete money trail
- Detecting mule bank accounts
- Analysing digital infrastructure used in the scam
According to PTI, police said the accused deliberately encouraged victims to start with smaller investments to reduce the chances of immediate complaints before persuading them to invest larger sums later.
Inputs from agencies
