A 31-year-old software engineer, reportedly earning nearly ₹30 lakh annually at a multinational company, has been arrested for allegedly leaving his corporate career to operate a large-scale fake online trading scam that defrauded investors of close to ₹100 crore, according to Delhi Police.
The accused, identified as Ravi Rathore, was arrested from Bengaluru along with two associates following a coordinated multi-state investigation into a cyber fraud network spanning Karnataka and Madhya Pradesh.
Police said the group created a fraudulent trading application and website that falsely promised high and consistent returns on investments. Victims were lured through phone calls and messages, after which they were persuaded to download the app and begin investing.
In the initial phase, the platform allegedly displayed fabricated profits to build trust. However, when users attempted to withdraw funds, they were reportedly asked to pay additional amounts under various pretexts such as taxes, processing fees, and activation charges.
The case came to light after a Delhi resident lodged a complaint on the National Cyber Crime Reporting Portal, stating he had been cheated through the platform. His suspicion grew after repeated withdrawal failures and warnings from cyber safety advisories, prompting him to approach the police.
Investigators traced the technical backend of the operation to Bengaluru, while financial flows and call centre activity were linked to Khargone district in Madhya Pradesh. Based on this, multiple police teams conducted simultaneous raids in both states.
During the operation, Sudama and Vikash Rathod were arrested from Sanawad in Madhya Pradesh. Authorities recovered several mobile phones, computers, SIM cards, ATM cards, and digital records allegedly containing data of thousands of potential victims.
Police further said that Ravi Rathore, who has a background in computer science and previously worked with international tech firms, was responsible for developing and maintaining the fake trading platform. His associates allegedly handled communication with victims, with some female callers reportedly used to encourage higher investments.
According to investigators, the syndicate continuously modified the app and website to make the scheme appear legitimate. Preliminary technical analysis suggests over 636 victim accounts and more than 14,000 transactions, amounting to approximately ₹99.77 crore in alleged fraud.
Officials also suspect the group may be connected to similar cyber fraud cases reported across different parts of India.