Investment scam: Delhi Police arrests man for duping retired banker of Rs 38.5 lakh

New Delhi, Aug 23 (PTI) Delhi Police has arrested a 25-year-old man for duping a retired banker of Rs 38.5 lakh through fake trading applications and fabricated threats, officials said on Saturday.

Police arrested Jatin, a resident of Jhajjar in Haryana, from Bahadurgarh following a probe into an e-FIR registered on May 25, they said.

According to police, the complainant, a 75-year-old retired public sector bank employee, was lured into installing fraudulent stock trading apps with social media messages.

He was also added to an investment tips group where he was induced to invest in the name of 'IPO funding' and 'profit withdrawals'.

"When the victim tried to withdraw his funds, the fraudsters resorted to intimidation and threats, coercing him into paying more," DCP (Crime) Aditya Gautam said.

The investigation revealed that Rs 19.55 lakh was transferred to a private bank account held by Jatin between May 12 and May 18.

"Despite two earlier raids in Jhajjar, the accused evaded arrest. However, after sustained efforts, his movement was traced to Bahadurgarh in Haryana. Accordingly, police conducted a raid and arrested him," the DCP said.

During interrogation, Jatin disclosed that he was a graduate and worked as a personal fitness trainer.

"He claimed he came in contact with a man named Sunil, who promised him Rs 50,000 to open a current account. He later handed over the credentials of the account to Sunil, who is absconding," the DCP said.

A check on the National Cybercrime Reporting Portal (NCRP) linked the seized account to six other complaints. The investigators believe that Jatin and his associates were involved in at least 25 cyber fraud cases across India.

Efforts are underway to track down Sunil and the other members of the racket, the DCP said. PTI SSJ SMV ARI