Software Engineer Among Three Arrested for Rs 99 Crore Fake Trading App Scam
Delhi Police have arrested three individuals, including a software engineer, for orchestrating a massive financial fraud involving a fake algorithmic trading application. The scheme, which defrauded over 600 victims of approximately Rs 99 crore, was exposed after a resident of Central Delhi filed a cyber crime complaint. The primary accused, Ravi Rathore, developed the fraudulent app named 'Trademakeralgo,' which displayed fabricated profits to lure investors. Co-accused Sudama and Vikas Rathod operated a call center in Madhya Pradesh, using WhatsApp groups and female callers to emotionally manipulate victims into depositing money via QR codes. Withdrawals were blocked by demanding additional fees for taxes or processing. Investigations revealed that funds were laundered through mule bank accounts. Rathore was apprehended in Bengaluru, while his accomplices were caught in Sanawad. Authorities recovered electronic devices and a vehicle purchased with illicit proceeds. The case highlights the sophisticated nature of modern cyber financial crimes, where technical expertise is combined with social engineering to exploit investors seeking high returns in the stock market with purported zero risk.
Wire timeline
Software Engineer Among Three Arrested for Rs 99 Crore Fake Trading App Scam
Delhi Police have arrested three individuals, including a software engineer, for orchestrating a massive financial fraud involving a fake algorithmic trading application. The scheme, which defrauded over 600 victims of approximately Rs 99 crore, was exposed after a resident of Central Delhi filed a cyber crime complaint. The primary accused, Ravi Rathore, developed the fraudulent app named 'Trademakeralgo,' which displayed fabricated profits to lure investors. Co-accused Sudama and Vikas Rathod operated a call center in Madhya Pradesh, using WhatsApp groups and female callers to emotionally manipulate victims into depositing money via QR codes. Withdrawals were blocked by demanding additional fees for taxes or processing. Investigations revealed that funds were laundered through mule bank accounts. Rathore was apprehended in Bengaluru, while his accomplices were caught in Sanawad. Authorities recovered electronic devices and a vehicle purchased with illicit proceeds. The case highlights the sophisticated nature of modern cyber financial crimes, where technical expertise is combined with social engineering to exploit investors seeking high returns in the stock market with purported zero risk.
The Indian Express