New Delhi, Jul 28 (PTI) Delhi Police has arrested two men from Mumbai for allegedly cheating people through a fake mobile investment app promising huge returns, an official said on Monday.

“Raj Chauhan (21) and Santosh Kumar (35), both residents of Uttar Pradesh, were arrested following a probe into a complaint filed by a victim who lost Rs 21 lakh in the scam," a police officer said.

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The complainant, Manoj Kumar Kaser, a resident of Shastri Park in Delhi, came across an online advertisement about an investment opportunity via a mobile application called PINN.

Enticed by the promise of high returns, he began trading through the app.

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Initially, his bank account received some profit amounts but later he was asked to invest more and ultimately ended up transferring Rs 21 lakh in parts, the officer said.

"When he attempted to withdraw his accumulated earnings, there was no response from the app's operators," he said.

During the probe, police tracked two suspicious bank transactions of Rs 6 lakh each to an account in Mumbai. Despite the contact details of the account holders being unreachable, police traced the funds to a private firm and conducted a raid, which led to the arrest of the accused duo, the officer said.

During the operation, police seized one point-of-sale (PoS) machine, 12 mobile phones, two fingerprint scanners, 85 SIM cards, 69 ATM cards, 15 rubber stamps and several forged documents.

Interrogation revealed that the accused set up an office to lure job seekers and collect their IDs and PAN cards under the pretext of offering employment.

They used these documents to fabricate Udyam and GST certificates, rent agreements and then opened bank accounts in the names of fake firms.

These accounts were later sold to cyber fraudsters to launder defrauded funds, the officer said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)