Sunam resident loses Rs 17.9L to fake trading app; 10 held

The Sangrur police have arrested 10 persons for allegedly 'duping' Karanvir Kansal, a Sunam resident, of Rs 17.93 lakh and also recovered 17 mobile phone sets, six cheque books of different banks, five ATM cards and a passport from their possession.

The accused 'duped' Kansal on the pretext of investing his money in the share market through an Angelpro app, a ‘fake trading platform’.

Kansal lodged a complaint with the Cyber Crime Police Station, Sangrur, which registered an FIR under Sections 318 (4), 61 (2) of the Bharatiya Nyaya Sanhita (BNS).

Sangrur SP (Headquarter) Dilpreet Singh said the five of the accused hail from Sri Ganganagar, Abohar, Ludhiana, Patna and Faridabad, respectively, two are from Gujarat and three from UP. He said the accused had been operating their fraud business from a rented accommodation at Mohali from where they were arrested.

Giving details of the modus operandi of the gang, the SP said the gang took Kansal in confidence through a Whatsapp group for investing his money in the share market. From January to February, they got his money deposited in different bank accounts. However, when Kansal decided to withdraw his money from the app, he couldn't, he further said, adding that the fraudulent app always showed his deposited amount of Rs 17.93 lakh along with a profit of Rs 27 lakh.

The SP said the investigation was on to ascertain how many persons had become victim of their trap.