Delhi Police busts Ponzi scam; 150 duped

New Delhi

Delhi Police have arrested a 31-year-old man, Vinod Kumar, from Rajasthan for running an online Ponzi scam that cheated at least 150 people by promising high returns on fake investments.

The arrest followed a complaint from a Delhi resident who lost ₹19 lakh through a fraudulent platform called Dollar Win Exchange.

The victim was introduced to the scheme via a social media video that promised up to 28% returns per month.

Initially, the victim saw small profits, which encouraged further investments, but the returns stopped abruptly, exposing the scam.

During the investigation, police analyzed bank transactions and call records, leading them to Kumar's two bank accounts where the funds were deposited. Kumar admitted to using his experience in a cooperative society and knowledge of multi-level marketing to launch the fraudulent platform after suffering losses in cryptocurrency trading. He also partnered with a person named Prince to create the fake website.

Kumar promoted the scheme on social media, initially offering small returns to lure victims. He used multiple phone numbers and online groups to manage the fraud and reinvested the stolen funds into cryptocurrency.

Police recovered two mobile phones containing incriminating evidence, including chats and videos. Authorities are now working to identify additional victims and potential accomplices. The investigation is ongoing.