Delhi: 4 held in ₹16.7cr fake trading app scam; bank staff aided in crime

Delhi Police arrested four, including bank employees, for aiding a cyber fraud syndicate using a fake investment app, QuantsAIS, defrauding many.

The Delhi Police have arrested four people, including two private bank employees, for allegedly enabling a cyber fraud syndicate that cheated hundreds of people in and around Delhi through a bogus investment app, QuantsAIS, in a widening investigation into a fake trading app scam.

Following the complaint, police traced the money trail to a Noida-based private bank account and found that forged documents were used to open several bank accounts. (Representational image)

The scam came to light after a businessman from Patel Nagar lodged a complaint in April, alleging he lost ₹16.7 lakh after being lured into investing via social media and chatting app groups promoting the application. “The accused were using a fake investment application which showed fake returns. After the complainant had invested over ₹16 lakh and tried to withdraw his money, it failed, and the accused blocked him on social media,” said DCP (central) Harsha M Vardhan, adding that they would send the link to the victims for installing the app via sideloading procedure.

Following the complaint, police traced the money trail to a Noida-based private bank account and found that forged documents were used to open several bank accounts—most from the same bank branch. “It was unusual since all accounts were opened from one branch of a single bank only. We knew the bank employees were in on this,” said an investigator.

On Sunday, police arrested Abhishek Singh, 26, and Ankit Nagar, 31, both employed in the account opening section of the Noida bank branch. The two allegedly created and sold dozens of accounts to cyber criminals over nearly two years. “We don’t know the exact number of bank accounts sold. We have asked the bank for data,” the investigator said, adding that Singh and Nagar were involved in selling and even renting out accounts for commissions ranging from ₹20,000 to ₹40,000.

Police had earlier arrested Aman Kumar, 29, who allegedly owned and sold a fraudulent bank account used in the scam, and Rahul Tyagi, 39, said to be a key facilitator in arranging such accounts. The duo allegedly helped transfer over ₹60 lakh in the past month alone. “The accused worked with Tyagi to help criminals in money laundering as well,” said a senior police officer, requesting anonymity.

Tyagi’s interrogation led police to Singh and Nagar, who are believed to have opened more than a hundred accounts in the last year alone. The accused also helped set up shell companies, bypassed verification processes, and routed money through multiple accounts to obscure the identities of those involved.

Police said the main accused, who created and operated the QuantsAIS app, is still at large. The investigation is ongoing to track him and assess the full extent of financial fraud.