Bengaluru Software Engineer Leaves Job To Run Rs 100 Crore Fake Online Trading Scam

A 31-year-old software engineer, who was reportedly earning close to Rs 30 lakh annually at a multinational company, has been arrested by the Delhi Police for allegedly leaving his corporate job to operate a sophisticated fake online trading scam that duped investors of nearly Rs 100 crore.

The accused, identified as Ravi Rathore, was arrested from Bengaluru along with two associates after a coordinated multi-state investigation exposed a cyber fraud network operating across Karnataka and Madhya Pradesh. Police believe the accused targeted victims across several states through a professionally designed trading platform that appeared legitimate at first glance.

According to investigators, the group created a fake online trading application and website that promised unusually high and guaranteed returns on investments. Victims were allegedly contacted through phone calls, WhatsApp messages and social media channels, where they were convinced to download the app and invest increasing amounts of money. Initially, some users were shown small profits on the platform to gain their trust before larger investments were solicited.

The case came to light after a Delhi resident filed a complaint on the National Cyber Crime Reporting Portal, alleging he had been cheated through the platform. The complainant reportedly became suspicious after facing repeated failures while trying to withdraw his funds. Cyber safety advisories warning users about fake trading apps further raised his concerns, prompting him to approach the police.

During the investigation, authorities traced the technical infrastructure and backend operations of the fake platform to Bengaluru, while financial transactions and call centre activities were linked to Khargone district in Madhya Pradesh. Based on these findings, multiple police teams conducted simultaneous raids at different locations in both states.

During the raids, police arrested Sudama and Vikash Rathod from Sanawad in Madhya Pradesh. Meanwhile, Rathore was arrested in Bengaluru on May 3. Officials said they recovered several mobile phones, computers, SIM cards, ATM cards and digital records allegedly containing details of thousands of potential targets and investors.

Police said Ravi Rathore, a computer science engineer with experience working at international software firms, was responsible for designing and maintaining the fake trading platform. Investigators alleged that he used his technical expertise in app development and backend systems to make the platform appear authentic and difficult to detect. His associates allegedly handled operations, managed financial transactions and communicated with victims regularly.

Investigators further claimed that female callers were used by the syndicate to build trust with male investors and persuade them to deposit larger sums of money. The group allegedly kept modifying the app and website to avoid detection and create the illusion of a genuine investment platform.

Preliminary technical analysis reportedly revealed more than 636 victim accounts and over 14,000 transactions linked to the scam, involving nearly Rs 99.77 crore. Police suspect the actual amount could be higher as more victims may not have come forward yet.

Officials said investigators are now examining whether the accused were connected to similar cyber fraud cases reported from other parts of the country. Police are also analysing the digital evidence recovered during the raids to identify additional victims and possible accomplices linked to the operation.