Ludhiana: Gang operating fake online trading app busted; Rs 40 lakh in cash, cheques worth 3 crore recovered; 3 held

The police chief said that arrested persons were Anil Jail (40) of Bawa Colony, the mastermind of the gang; Karamjit Kaur (31) of Ahmedgarh who used to call “customers” to make them download the app and gave “tips for investment” and Sunny Kumar (37) of Haibowal who used to collect cash from the targets. Two other gang members — Jatin Jain (brother of mastermind Anil Jain) and Gagandeep Singh of Daad village, who used to get new targets, are yet to be arrested.

The police commissioner said that a major online financial fraud was unearthed while the Cyber Cell was working on a complaint. “The fraud was being done done by the accused in the name of online trading through their customised fraudulent app called V-Trade.”

Explaining the modus operandi of the accused, he said that they used to entice the victims to invest in the app promising huge and quick profits. The accused used to send them the links of their app on WhatsApp and provide an ID and password.

“Then they also used to ask for two cheques from each customer before providing them an ID and password for using the app. Then cash was received from the victim and equivalent dummy figures were shown in his account in the app whereas ,actually no trading was done. The victim was made to believe that he was earning a goodamount by trading through the app. When the customer would demand his returns, his ID and password was changed and later the customer was blackmailed to pay more or else their cheques would be used against them. The accused duped the complainant of Rs 15 lakhs who is just one of many such victims,” said CP Sidhu.

On how the gang was busted, CP Sidhu said that when the Cyber Cell obtained information about the app, it was found that this app was registered in the category of ‘entertainment’ on the App store. He added that information regarding the various entities was sought from Securities and Exchange Board of India (SEBI). It was found that the app had no registration with SEBI.

“The transactions shown to customers on the app were verified from the exchanges and they were found to be fraudulent. Most payments from the victims were taken in cash,” said Sidhu.

An FIR in the case has been registered under the sections 420, 120-B, 506, 384 IPC, and 66C, 66D of IT Act at division number 5 police station.

Police said that the accused had previous criminal record and an FIR for wrongful restraint, criminal intimidation and under sections of Arms Act was registered against them at Salem Tabri police station in 2021. Another FIR against them was registered at division number 5 police station for cheating and other sections of Copyright Act in 2022.

CP Sidhu further said that Ludhiana Stock Exchange also confirmed that the app, the accused and those who invested money in it were never registered with them. The accused were arrested after a police team conducted a raid at their office in Feroze Gandhi market on Monday.

Police further said that the accused Anil Jain had purchased several properties and luxury cars within short span of time including a shop cum office (SCO) worth Rs 3.50 crore, three properties on Dhandra road worth Rs 90 lakh, a plot in Kohara worth Rs 25 lakh, a residence worth Rs 50 lakh and six luxury cars including a Porsche and a Mercedes.