Ludhiana: Coming up with a fake stock market using a mobile application, a gang led by a stockbroker duped amateur investors of crores of rupees. The cyber cell of Ludhiana Police Commissionerate has busted this racket which has been going on for the last few years. Importantly, its victims, except one, never approached the police as the money invested was “unaccounted for” in most cases, the police claimed. After receiving a complaint from a person who lost Rs 15 lakh in a fraud, a team of police officers investigated and solved the case. According to the police, the gang used an investment training app named ‘WeTrade’, which posed as an online portal for investors to invest in shares.
Police said that in reality, it was just a training app that teaches people to invest online. During interrogation, the police arrested the mastermind of the gang, Anil Jain, at Haibowal’s Bawa Colony, Sunny Kumar at Haibowal’s Laxmi Nagar and Karamjit Kaur of Ahmedgarh. Anil’s brother Jatin Jain Police said Gagandeep Singh, an activist from Dad village, is yet to be arrested. Ludhiana Police Commissioner Mandeep Singh Sidhu He said, ‘Ludhiana police had received a complaint about this gang about three months ago.
Team with ADCP (HQ) Rupinder Kaur BhattiADC (Cyber Cell) Raj Kumar and inspector Jatinder SinghIn-charge cyber cell was constituted to investigate the matter. We found that Anil along with other accomplices was running a racket where they used to lure people on the pretext of making quick profits through online trading. Since most people were unaware of the ‘WeTrade’ app, the accused would present the app as an investment platform. The accused used to provide user ID and password to run the app. “The accused used to modify the app on their behalf to show transactions and collect cash from the victims.
They siphon off all the cash and keep making changes to the app and show the victims that they are making huge profits. The accused also used to take security checks from the victims before giving them the user ID and password. Later when a person asked to stop the investment and asked for his money, the accused would say that he has gone into loss. They used to threaten to use the check in the bank as well.” Sidhu Said. ADCP Bhatti said that to investigate the matter, the police first got information about this app from the Securities and Exchange Board of India (SEBI) and found that the app was not registered with them.
After detailed homework, the police team raided the gang’s office at Feroze Gandhi Market on Monday and arrested the accused. The police also found that Anil Jail had used the swindled money from people to buy luxury cars, commercial and residential properties. An FIR has been registered against the accused at Division No. 5 police station under relevant sections of IPC and IT Act.
Police said that in reality, it was just a training app that teaches people to invest online. During interrogation, the police arrested the mastermind of the gang, Anil Jain, at Haibowal’s Bawa Colony, Sunny Kumar at Haibowal’s Laxmi Nagar and Karamjit Kaur of Ahmedgarh. Anil’s brother Jatin Jain Police said Gagandeep Singh, an activist from Dad village, is yet to be arrested. Ludhiana Police Commissioner Mandeep Singh Sidhu He said, ‘Ludhiana police had received a complaint about this gang about three months ago.
Team with ADCP (HQ) Rupinder Kaur BhattiADC (Cyber Cell) Raj Kumar and inspector Jatinder SinghIn-charge cyber cell was constituted to investigate the matter. We found that Anil along with other accomplices was running a racket where they used to lure people on the pretext of making quick profits through online trading. Since most people were unaware of the ‘WeTrade’ app, the accused would present the app as an investment platform. The accused used to provide user ID and password to run the app. “The accused used to modify the app on their behalf to show transactions and collect cash from the victims.
They siphon off all the cash and keep making changes to the app and show the victims that they are making huge profits. The accused also used to take security checks from the victims before giving them the user ID and password. Later when a person asked to stop the investment and asked for his money, the accused would say that he has gone into loss. They used to threaten to use the check in the bank as well.” Sidhu Said. ADCP Bhatti said that to investigate the matter, the police first got information about this app from the Securities and Exchange Board of India (SEBI) and found that the app was not registered with them.
After detailed homework, the police team raided the gang’s office at Feroze Gandhi Market on Monday and arrested the accused. The police also found that Anil Jail had used the swindled money from people to buy luxury cars, commercial and residential properties. An FIR has been registered against the accused at Division No. 5 police station under relevant sections of IPC and IT Act.