In a disturbing blend of financial manipulation and digital deception, police on Monday arrested four individuals—including two bank employees—for defrauding victims of over ₹16.70 lakh using a fake trading app named ‘QuantsAIS’. The arrests were made following a detailed cybercrime investigation by the Central District Police in a case now registered under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), related to cheating.
The Hook: Fake Stock Ads and a Trap Disguised as Profit
The fraud began when the victim clicked on an online advertisement promoting stock market investments. Drawn in by promises of quick returns, he was added to a social media-based “investment group” and persuaded to download the app. The initial investment of ₹10,000 showed promising fake returns, prompting the victim to commit more funds over time. Eventually, he invested a total of ₹16.70 lakh.
When he attempted to withdraw the profits, he was summarily removed from the group—his access to the app revoked, his money gone. This prompted a police complaint and the beginning of a technical probe.
Bank Employees, Shell Firms, and Stolen Identities
The investigation revealed that the operation was far from a simple scam. The arrested individuals—Aman Kumar (29) and Rahul Tyagi (39)—were responsible for managing and operating shell bank accounts. However, the deeper breach of trust came from inside the financial system: two bank employees, Ankit Nagar and Abhishek Singh, had allegedly facilitated the creation of these accounts using forged documents and identities.
During the raid, police recovered 11 cheque books and three PAN cards issued under fake names. The modus operandi involved floating fake firms and using official banking channels to route stolen money, making the scam appear legitimate on paper.
A Deeper Network Under the Scanner
Deputy Commissioner of Police (Central) M Harsh Vardhan confirmed that mobile numbers, bank account logs, and fund transfer trails were thoroughly analyzed to map out the scam’s structure. The evidence showed the stolen funds had been diverted across multiple accounts—each designed to obscure the money trail.
While the four accused are now in custody, police suspect the racket involves additional actors. “Further investigation is underway to identify more people and accounts involved,” said the officer.
The QuantsAIS case highlights how insider access, when combined with digital manipulation and fake fintech platforms, can severely compromise consumer safety in India’s growing digital investment ecosystem.
