Was the Online Fake Trading App Cantillon the Largest Scam in Jharkhand?
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Synopsis
The recent bust of a fake trading app, Cantillon, has led to the arrest of a 19-year-old in Jharkhand, shedding light on a vast online scam targeting investors nationwide. With complaints flooding in from multiple states, authorities are on the hunt for the masterminds behind this cybercrime syndicate.
Key Takeaways
- Jharkhand CID has arrested a 19-year-old for a major online fraud.
- Victims were promised high returns through a fake trading app, “Cantillon”.
- Complaints have emerged from 18 states across the country.
- The fraud scheme is believed to be part of a larger cybercrime network.
- Authorities are intensifying investigations to uncover the full extent of the scam.
Ranchi, Sep 26 (NationPress) The Crime Investigation Department (CID) of Jharkhand has uncovered a significant online scam where unsuspecting investors from across the nation were swindled out of crores of rupees via a fraudulent trading app called “Cantillon”, as reported by officials.
Following a formal complaint, the CID’s Cyber Crime Unit detained a 19-year-old individual, known as Yashvardhan Kumar, from the city of Deoghar in Jharkhand on Friday.
Hailing from Gaya in Bihar, he had been residing in Deoghar and orchestrating the scam for a considerable duration.
Authorities indicated that Kumar enticed victims through WhatsApp conversations, convincing them to invest in Cantillon with the allure of attractive returns. Once funds were deposited, victims were shown fabricated profits on the app before losing access to their investments.
The scheme initially surfaced when a victim lodged a complaint on August 23, claiming he had been defrauded of Rs 44 lakh.
During a technical investigation, the CID traced the scam back to Yashvardhan Kumar. Upon his arrest, police seized a mobile device, two SIM cards, incriminating messages, and bank account information.
The CID noted that the fraud is extensive, with the National Cybercrime Reporting Portal of the Ministry of Home Affairs recording 46 complaints against the accused.
Complaints have originated from 18 states and Union Territories, including Telangana (four), Tamil Nadu (four), Karnataka (eight), Gujarat (six), Maharashtra (four), Uttar Pradesh (five), Andhra Pradesh (two), Bihar (two), among others.
CID officials suspect that Kumar represents only a minor segment of a more extensive network. “The arrested individual seems to be a link in a broader chain. Efforts are underway to identify and apprehend the masterminds behind this organized cybercrime syndicate,” stated a CID officer.
The police have initiated a more extensive investigation to trace financial pathways and identify additional gang members.
On the same day, a cybercriminal from Uttar Pradesh, who deceived thousands of investors by promising high returns from forex trading on digital platforms, was remanded to nine days’ custody by the Enforcement Directorate, Chandigarh zone, for questioning by a Special PMLA court, according to an official.
Navab Hassan was apprehended by the ED on Thursday under the PMLA, 2002, for misleading innocent investors and mobilizing public deposits to launder Proceeds of Crime (POC) through the QFX/ YFX/ BotBro/ BotAlpha/ Crossalpha/ Minecrypto scam, as per the official report.
Point of View
Our priority is to deliver accurate and unbiased information to our audience. The recent arrest in Jharkhand highlights the growing concern of online fraud in our digital age. We support ongoing investigations to ensure justice for the victims and to bring the perpetrators to account, emphasizing the importance of vigilance in digital transactions.
NationPress
26/09/2025
Frequently Asked Questions
What is the Cantillon scam?
The Cantillon scam involves a fraudulent trading app that tricked investors into losing large sums of money by promising high returns and then cutting off access to their funds.
Who was arrested in connection with the scam?
A 19-year-old youth named Yashvardhan Kumar was arrested by the CID in Jharkhand for his role in operating the scam.
How many complaints have been registered against the accused?
The National Cybercrime Reporting Portal has recorded 46 complaints against the accused, with reports coming from 18 different states and Union Territories.
What methods did the scammers use to lure victims?
Victims were lured through WhatsApp chats where scammers promised lucrative returns on investments in the Cantillon app.
Is there a larger network involved in this scam?
Authorities believe that Yashvardhan Kumar is just a small part of a larger organized cybercrime network, and efforts are ongoing to identify the masterminds behind it.
