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A software engineer hailing from Bengaluru has been arrested for allegedly conducting a trading scam of the size of ₹100 crore after he surrendered a lucrative job of earning ₹30 lakh per annum. The accused allegedly developed a fake trading app and website that offered huge returns on investments in the stock market and cryptocurrency. The accused had made a fake trading app and website that guaranteed him loads of returns on investments in the stock market and cryptocurrencies.

He was believed to be scamming the middle-class professionals and small investors in social media ads as well as groups on WhatsApp across Karnataka and neighboring states. The initial profits invested by investors were lucrative in order to create trust, but since then, withdrawals from the platform have been suspended, and the accused disappeared with the money.

The Bengaluru Cyber Crime Branch had gotten multiple complaints and solved the case. This also resulted in the recovery of luxury cars, laptops, and some cash. The case illustrates the phenomenon among tech-savvy individuals about an online method of getting fast cash. Police are investigating if more people are involved in the racket.