Ex-banker held in ₹14.3L fake stock app scam; gang showed victim Rs 33cr ‘profit’

Mahendragarh: Mahendragarh cyber crime police have busted an interstate cyber fraud racket and arrested a former banker from Gwalior accused of duping people through a fake stock market investment app.The accused, Pankaj, allegedly used his banking experience to run fraudulent accounts and route transactions without attracting suspicion.The case came to light after Sundar Kumar, a resident of Jhuk village in Mahendragarh, complained that fraudsters posing as officials of "Axis Security" contacted him through WhatsApp calls and messages and convinced him to invest in stock trading through a mobile app.Police said the victim transferred Rs 14.3 lakh between Dec 2025 and Mar 2026 after being promised massive returns.The fraud unravelled when the app displayed a fake profit of more than Rs 33 crore and the accused allegedly demanded another Rs 3.3 crore as "10% tax" to release the amount.Superintendent of Police Deepak said investigation revealed that Rs 6.3 lakh from the cheated amount had been transferred to a bank account linked to a firm named KKVR Construction Private Limited in Gwalior. The money was later routed to another account in Faridkot.Police found that eight cyber fraud complaints from across the country were linked to the same account. An FIR involving fraud worth ₹96 lakh had also been registered in Delhi against the network.When police raided the company's registered office in Gwalior, the premises were found locked. Investigators later discovered that the office had been rented using forged documents and fake signatures.During interrogation, police found that Pankaj had earlier worked with IndusInd Bank, Axis Bank and Kotak Mahindra Bank, and had served as a deputy manager in banking institutions.DSP Bharat Bhushan said police recovered 11 cheque books, 15 ATM cards, two SIM cards, four mobile phones, two seals and several documents from the accused.Police said more arrests were likely as the probe into the interstate cyber fraud network continued.
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