Bank Employees Implicated in Major Fake Trading App Scam
In a significant crackdown on cyber fraud, Varanasi police have arrested two individuals, including an employee from a private sector bank's Indore branch, for allegedly duping investors through a counterfeit trading application. The investigation has uncovered fraudulent activities amounting to over Rs 1 crore, with four other accused, including two additional bank employees, currently evading authorities.
How the Elaborate Scam Operated
The case came to light following a formal complaint lodged by Ashok Kumar Agrawal, who reported being defrauded of Rs 8.99 lakh. According to Azamgarh ASP (Traffic/Cyber Crime) Vivek Tripathi, Agrawal was enticed by a Facebook advertisement for "NEXT TRADE," a seemingly legitimate trading platform promising high returns on investment.
Agrawal contacted the provided mobile number and was persuaded to invest substantial funds. Initially, the application displayed promising profits, creating an illusion of successful trading. However, when he attempted to withdraw his earnings, his account was abruptly blocked, and all access was denied.
Arrests and Evidence Seized
Cyber crime authorities have apprehended Indrajit Dey, operating from Ujjain, and Ankesh Dhakad, an employee of a private sector bank in Indore. During the operation, police confiscated critical evidence, including:
- Three mobile phones and multiple SIM cards
- Three ATM cards and two cheque books
- A bank identification document
- Additional SIM cards and Rs 870 in cash
The investigation reveals that four other individuals remain at large. These include Gopal Bhadauria and Pritam, both bank employees, along with accomplices identified as Madhav and Rocky.
Organized Gang with Bank Insider Complicity
During preliminary interrogations, the arrested suspects confessed to operating an organized criminal network. Their modus operandi involved systematically approaching potential victims, convincing them to download the fraudulent NEXT TRADE application under the guise of legitimate trading and investment opportunities.
Funds obtained from unsuspecting investors were funneled into mule bank accounts—accounts used to launder illicit money. Bank employees within the gang exploited their professional positions to facilitate these transactions, ensuring funds were withdrawn immediately upon deposit. Meticulous records of all account activities were maintained to track the illicit flow of money.
ASP Tripathi emphasized that this case highlights the dangerous convergence of cyber crime and insider banking fraud, urging the public to exercise extreme caution with online investment platforms and to verify their authenticity through official channels before committing funds.
