Police in Kishangarh have arrested four men, including two company directors, in connection with an alleged investment fraud linked to VIP Trade, an entity accused of duping investors under the guise of forex trading. Investigators revealed that victims were persuaded to invest crores of rupees after being promised unusually high returns in short periods. The scale of the alleged scam has led to forty separate cases being registered across the Gandhinagar and Madanganj police stations in Kishangarh, with additional complaints emerging from other states. Officers are examining the network through which capital was raised, along with the digital platforms and bank accounts used to divert funds.
Company Directors Brought on Production Warrant
The arrests followed an operation assisted by a Special Investigation Team headed by Additional Superintendent of Police Priyanka Kumawat of the Crime Against Women Investigation Unit. Gandhinagar Station House Officer Anil Kumar Sharma stated that company directors Lokesh Choudhary and Dheeraj Gattani were formally arrested on production warrants brought from the Central Jail in Ajmer. Two alleged team leaders, identified as Abdul Samad and Hanuman Chhanang, were also apprehended. Following preliminary questioning, Choudhary, Gattani, and Samad were remanded to judicial custody, while Chhanang remains under police interrogation to clarify individual roles in running the firm and handling cash flows.
Investors Lured with High Returns and Digital Dashboards
According to the police, VIP Trade orchestrated elaborate seminars at luxury hotels to draw in prospective clients, promising them profits ranging between 8 and 12 percent. Team leaders presented various schemes, urging early participants to bring in relatives and acquaintances to expand the investor base. To build false credibility, cash and online deposits were displayed on the company’s website in US dollars, leading investors to believe their money was deployed in international markets. Investigators also discovered that custom software named VRFX was developed to simulate trading operations. Digital assets, including USDT and Binance wallets, were allegedly used to display balances, prompting technical experts to analyze whether genuine trading ever occurred or if the platforms merely masked misappropriation.
Real Estate Projects Under Police Scrutiny
The investigation has also extended into real estate projects run by the accused, notably a residential layout promoted under the name Dream Kota Yard. Police state that the suspects acquired land at low prices and subsequently floated the housing project to solicit additional capital from individuals seeking assured gains. Financial records are being audited to trace monetary links between the housing venture and the forex trading enterprise. Police confirmed that the full magnitude of the financial loss and the exact number of victims will be established once forensic analysis of digital servers, transaction statements, and seized records is complete.