Online Ponzi scam busted; one held for duping 150 people with fake investment scheme | Mumbai news
New Delhi, The Delhi Police has arrested a 31-year-old man from Rajasthan for orchestrating an online Ponzi scam that duped at least 150 people by promising high returns on fake investments, an official said on Tuesday.
The accused, identified as Vinod Kumar, was apprehended from Rajasthans’ Sri Ganganagar district on Monday.
“Kumar was arrested after a Delhi-based man filed a complaint stating he was cheated of ₹19 lakh by a fraudulent investment platform named Dollar Win Exchange,” M Harsha Vardhan, Deputy Commissioner of Police , said in a statement.
The complainant was introduced to the scheme through a social media video that promised returns of up to 28 per cent per month. He and his wife were added to a messaging group and initially received small profits, which encouraged them to invest larger sums.
However, the returns soon stopped, revealing the fraud. The team analysed bank account transactions and call records. The trail led to Kumars’ two bank accounts, where funds from victims had been deposited, read the statement.
Kumar confessed during interrogation that he used his experience from a previous job in a cooperative society and knowledge of multi-level marketing to launch the fake investment platform. After suffering losses in cryptocurrency trading, he devised the scam and partnered with a person named Prince to create a fake website.
Describing his modus operandi, the officer said Kumar promoted the scheme via social media applications, luring victims by initially offering minor profits. The accused used multiple mobile numbers and online groups to manage the fraud and reinvested the scammed funds into cryptocurrency, the DCP added.
The statement also mentioned that two mobile phones containing incriminating chats and videos related to the scam have been recovered.
Police said efforts are underway to trace more victims and uncover other possible accomplices. Further investigation is underway.
This article was generated from an automated news agency feed without modifications to text.
