Bhubaneswar, May 11 (). The Odisha Economic Offenses Wing (EOW) has frozen Rs 1.22 crore of a fake trading app JoinTrade. An official gave this information on Thursday.
EOW SP Dilip Tripathi said Join Trade-financial growth app using morphed pictures of prominent Bollywood actors like Akshay Kumar and Manish Paul, claims to give instant returns on minimal investment of money.
It emerged that over 1 lakh people have downloaded the fake app, which claims to be a professional financial trading and wealth management platform with various investment schemes with a minimum deposit of Rs 100 to Rs 20,000.
During further enquiry, the EOW found that the investors could deposit the amount only through the UPI ID visible in the app, which kept changing every minute and such IDs were registered in the names of several shell companies and individual individuals through savings bank and current accounts. linked to accounts.
Tripathi said that layering was used for illegal money transactions by transferring bulk credit amount to other unknown accounts created in the name of firms/companies and individuals.
The EOW has so far found transactions in five bank accounts totaling Rs 18.67 crore. Three of the five accounts were created in the names of big firms/companies based in Gujarat, Rajasthan and Delhi.
All these accounts which were opened in the name of individuals and companies were mainly made in Yes Bank, ICICI Bank, HDFC Bank and IDFC First Bank. These accounts were operated by the fraudsters mostly through internet banking.
A total amount of over Rs 1.22 crore was seized by the EOW from the above quoted bank accounts.
SGK
Follow Niharika Times for all the big news from India and abroad. Like us on Facebook and Twitter . Always visit Niharika Times for latest news.