A coordinated digital probe has led police in Uttar Pradesh’s Azamgarh district to uncover an interstate cyber fraud network that allegedly duped investors of nearly ₹1 crore through a fake online trading application.
The action followed a technical investigation that tracked bank transactions, mobile phone locations, and digital evidence across Madhya Pradesh and Delhi. Based on these findings, police arrested 2 key suspects on Tuesday from Ujjain and Indore. Officials said the scam had generated at least 12 complaints from multiple states, indicating a well-organised operation that targeted victims through social media ads.
The case was registered at the Cyber Crime Police Station in Azamgarh after a complaint from Ashok Kumar Agrawal, a resident of Badarka under Kotwali police station limits.
How the fraud operated
Police said the accused promoted a fake trading app named “Next Trade” using Facebook advertisements that promised high and assured returns. Interested users contacted a mobile number listed in the ad and were guided to download the app and invest money.
“In the initial phase, the app showed fake profits to build trust. When the victim attempted to withdraw funds, the app blocked the user ID and all communication stopped,” a senior officer said.
In this case, Agrawal invested ₹8.99 lakh before realising the platform was fake and approaching authorities.
Bank insiders and money routing
SP (Traffic) Vivek Tripathi, the nodal officer supervising the probe, said questioning revealed a structured syndicate operating across states.
“The defrauded money was routed through mule bank accounts. Some bank employees misused their positions by providing pre-signed blank cheques, enabling immediate cash withdrawals as soon as funds were credited,” Tripathi said.
Police added that the group kept detailed records of transactions and commission sharing among members.
Arrests and seizures
The arrested accused are: Indrajeet Dey, permanent resident of East Delhi, currently staying in Annapurna Nagar under Nana Kheda police station, Ujjain. Ankesh Dhakad, permanent resident of Jagatpur, Kolaras (Shivpuri), currently residing in Ahilyapuri under Bhanwarkuan police station, Indore, Dhakad is employed with Kotak Mahindra Bank, police said.
Seized items include 3 mobile phones, 3 ATM cards, 2 cheque books, 1 bank ID, 1 Jio SIM card, and ₹870 in cash.
Search for absconders continues
Police said other suspects, including Gopal Bhadauria, Madhav, Raki, and Pritam, are absconding. Pritam is allegedly linked to YES Bank. Raids are ongoing to trace them and freeze more bank accounts linked to the fraud.
Public advisory issued
Police urged citizens to stay alert against online investment scams, advising them to download apps only from official app stores, avoid unknown APK files, ignore investment links on social media, check app permissions, uninstall suspicious apps, and report cyber fraud immediately.
The investigation is ongoing, and further arrests are expected.
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