New Delhi: A man, identified as Vinod Kumar, a resident of Sri Ganganagar, Rajasthan, was arrested for defrauding 150 people through a Ponzi scheme named ‘Dollar Win Exchange’.
Police received an online complaint at the cyber police station (central district) from a man who lost Rs 19 lakh after joining a WhatsApp group promoting high-return investments. The scheme promised up to 28% monthly returns. The complainant and his wife initially received small profits after investing amounts starting at Rs 1,000. However, as they were lured into investing larger sums, the payments eventually stopped.
A case was registered, and Kumar was arrested from his location.
DCP (central) M Harsha Vardhan said during questioning, Kumar revealed that he had worked in a cooperative society’s marketing team for six years, convincing people to invest. After it shut down in 2016, he turned to crypto trading and suffered losses.
To recover financially, he began cheating others. He collaborated with a man named ‘Prince’ to build a website promoting fake investment plans. He used social media and multiple WhatsApp numbers to advertise the scheme, promising 100% profit and collecting money in his personal accounts. To win trust, he returned small profits early on but later stopped all payments. The funds were then reinvested in cryptocurrency. Police are investigating further links and have urged the public to stay cautious about online investment schemes.
