‘Options trading’ scam busted: Delhi Police arrest 5 men for duping investors

The DCP said initially, a case was registered on the complaint of an investor from Rohini, wherein he alleged he was cheated to the tune of around Rs 95 lakh on the pretext of “options trading” through a trading exchange website.

“He was befriended by a foreigner woman on the pretext of knowing about Indian culture. While they were chatting online, she gave him access to her online trading account to lure him to invest in the business of online trading as part of an exclusive and privileged group of investors,” said police.

The complainant further told police he was promised handsome returns on his investment. Initially, he was shown a profit in his account and was further induced to invest more money before being eligible for withdrawing the accumulated funds. “However, all his funds vanished later as the same were withdrawn by the accused through an app,” said Gautam.

After a case was lodged and investigation initiated, bank accounts where the cheated money was sent to were analysed. Police said further technical surveillance led to identification of some persons who were procuring mule bank accounts, managing such accounts, and rotating the cheated amount through these accounts.

Three accused persons – Raman Dogra, Shakti Manhas and Kanav Bamotra – were identified and traced. They were eventually arrested on March 29.

During questioning, the accused persons disclosed that they would contact gullible persons through WhatsApp and Telegram and befriend them in order to make them invest in the online trading scheme.

“They said the gang is controlled by a woman from Dubai who would speak to the victims and give them the credentials of her trading account… Once the victim would invest, the accused would withdraw the money and divide it amongst themselves,” said police.

Two more accused, Santosh M, and Sagar Mondal, were arrested later.