Four arrested for duping city resident of Rs 45 lakh

Four people were arrested for duping a Delhi resident of more than Rs 45 lakh through fake stock trading and investment schemes, police said on Sunday.

The accused operated an organised network across several States, including Punjab, Rajasthan, Uttar Pradesh, Haryana, and Delhi, creating fake social media handles and investment groups that offered stock market tips and promised high returns, they said.

The case dates back to 2025, when police received a complaint from a Delhi resident who was allegedly cheated of Rs 45.25 lakh.

The victim was approached through a social media account and later added to a group run by the fraudsters, who posed as financial advisors, police said. “The victim was asked to transfer funds through 15 transactions into eight different bank accounts over a period of about one month. When the complainant later attempted to withdraw his investment and promised profits, the group and social media account became inactive, and the trading application stopped functioning,” Deputy Commissioner of Police (Crime) Aditya Gautam said.

The four accused have been identified as Rishu Garg, Deepak Joon alias Vikas, Amit Giri and Sunil Kumar. Another person, Renu Garg (Rishu’s mother), has been bound down under legal provisions, officials said.

They circulated fake testimonials showing large profits to lure people into downloading a fraudulent trading application, which displayed manipulated balances, police said.

Once the victims invested their money, the accused shut down the app and deleted the groups and accounts, police added.

During the investigation, police traced the money trail and found that Rs 4 lakh from the defrauded amount had been credited to Renu’s bank account. She told police that her son, Rishu Garg, had been operating the account, officials said.

He gave the net banking credentials to another accused, Deepak, in exchange for Rs 25,000 and increased the transaction limit to Rs 1 crore, they said.

The other accused, Amit, was found to have facilitated the handover of mule bank accounts for commissions. While Sunil coordinated with other associates and a handler known as ‘Max’ on Telegram, who arranged mule accounts, logistics, and SIM activations used in the fraud, police said in a statement.

Police said four mobile phones, six SIM cards, and multiple bank accounts linked to the racket have been seized.