Synopsis
A 31-year-old man from Rajasthan was arrested by Delhi Police's cyber crime unit for running a ponzi scheme that duped 150 investors. He promised 100% returns, lured victims through social media, and managed to defraud them of substantial amounts before the scheme collapsed.Key Takeaways
- Vinod Kumar offered 100% returns on investments.
- He used social media for promotions.
- Investors were initially paid small profits.
- The scheme led to losses exceeding Rs 19 lakh for one victim.
- A case of fraud was registered under section 318(4) BNS.
New Delhi, April 15 (NationPress) A former employee of a cooperative society in Rajasthan has been apprehended by the cyber crime unit of the Delhi Police for deceiving 150 investors through a ponzi scheme that promised 100 percent returns on their investments, an official confirmed on Tuesday.
The suspect, Vinod Kumar, aged 31, hailing from Purani Abadi, Sri Ganganagar, Rajasthan, was taken into custody, and two mobile devices containing incriminating chats and promotional materials for his ponzi scheme were confiscated.
A team from the Delhi Police tracked him down in Sri Ganganagar using electronic surveillance techniques.
M. Harsha Vardhan, the District Commissioner of Police for Central Delhi, reported that Vinod had created a website titled ‘DW Exchange Pro’ and promoted lucrative investment schemes via social media platforms such as YouTube and Facebook.
After enticing investors, he instructed them to transfer funds into his accounts at public sector banks like State Bank of India and Punjab National Bank. He subsequently reinvested the received funds into cryptocurrencies.
“To ensnare victims, he initially returned small profits to build trust, but eventually ceased all payments. He operated systematically using various WhatsApp numbers,” the DCP stated.
The investigation began following a complaint from an investor who lost Rs 19 lakh in 2024 under the guise of offering returns as high as 28 percent monthly.
The complainant submitted an online request to the police after discovering YouTube videos promoting the scheme.
Upon clicking a link in the video, the complainant and his wife joined a WhatsApp group named ‘Dollar Win Exchange’, where they were encouraged to start investing with amounts as low as Rs 1,000. Initially, they saw small returns, but were later urged to invest even larger sums.
Ultimately, all profit and interest payments ceased, leading them to realize they were victims of fraud, according to police reports.
Based on the complaint, a case was registered under section 318(4) BNS for the crime of cheating and dishonestly inducing someone to deliver property at the Cyber Police Station, Central District, as stated by the DCP.
During questioning, Vinod revealed that he had previously worked at a cooperative society for six years, where he acquired skills in multi-level marketing and persuading individuals to invest.
