NEW DELHI: The Delhi Police’s Cyber Cell has arrested a man for operating a fake online Ponzi scheme that defrauded at least 150 people across the country by promising exorbitant returns of 28 per cent per month.
The police were informed about the incident through a complaint registered at the Cyber Police Station, Central Delhi. The accused has been identified as Vinod Kumar (31) resident of Purani Abadi, Sri Ganganagar, Rajasthan.
According to the police, the accused was traced and arrested in Ganganagar, Rajasthan, following a detailed investigation into a complaint filed by a victim who lost Rs 19 lakh in the fraudulent scheme.
The scam was orchestrated through a fake investment platform called “Dollar Win Exchange,” which was promoted via YouTube videos, Facebook, WhatsApp groups, and Telegram channels.
The complainant and his wife came across one such YouTube video in November 2024 and were persuaded to join a WhatsApp group promoting the scheme.
Initially, they received small profits, which were strategically distributed to build trust. Encouraged by the initial gains, they invested larger amounts, but eventually, the payments stopped. An FIR under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) was registered at the Cyber Police Station, Central District.
A dedicated team led by Inspector Sandeep Panwar, under the supervision of ACP Operations Sh. Suresh Khunga launched an investigation.
Technical surveillance and analysis of banking records revealed that the defrauded funds had been funneled into accounts held by Vinod Kumar at the State Bank of India and Punjab National Bank.
During interrogation, Vinod Kumar admitted to running the scheme. He had previously worked in a cooperative society and gained experience in multi-level marketing.
After incurring losses in crypto trading, he devised the scam with the help of an associate named “Prince,” who built the website “DW Exchange Pro.” Kumar used various social media platforms to promote his fake investment plans and systematically collected money from victims.
He used multiple WhatsApp numbers to operate the fraud, initially returning small profits to victims before ceasing all payouts. Police seized two mobile phones with incriminating evidence, including chats and promotional material. The investigation continues to identify more victims, assess financial damage, and track potential accomplices.