First arrest in BitQuant SCAM in Bardhaman, Group Admin arrested

A major online trading fraud operation has recently been exposed and dismantled. The Bardhaman police have apprehended a young man named Soumen Som, also known as Ranju, hailing from Bhadrapalli in the Kalnagate area of the city, on charges related to defrauding individuals with the promise of substantial earnings through investments. Soumen, originally from Saddya village in Shaktigarh, had relocated to Bhadrapalli in Kalnagate at the time of his arrest.

The arrest of Soumen is linked to a fraudulent company that deceived unsuspecting individuals by providing signals under the guise of “Bhagi Trading.” The complaint leading to Soumen’s arrest was filed by Sumit Sharma, a resident of Khaluibilmath in Burdwan city, on September 8, reporting a scam involving an online app.

According to Sumit’s complaint, on August 31, he joined an online app called “Bit Quant Deep” by investing Rs 6,000. Subsequently, he was added to a group, with Soumen serving as the group’s administrator. Soumen enticed group members to invest in various schemes promising lucrative returns. Initially, Sumit profited Rs 30,000, but when he attempted to withdraw the funds from the app, Soumen allegedly threatened him with harm.

Sumit approached the Burdwan police station, reporting the incident and prompting an investigation that resulted in Soumen’s arrest. Authorities suspect that a larger fraud network may be involved, hence the decision to detain Soumen for further interrogation.

Rakesh Kumar Chaudhary, DSP Traffic 2 at Burdwan District Police, commented, “A web of fraud has been spun, enticing individuals with the prospect of significant earnings through Bitcoin investments. One individual filed a complaint at the Burdwan police station, leading to the arrest of Rakesh Som from Kalna Gate. He will be presented in court today. In our preliminary investigation, we have identified additional victims of the fraud.”

The fraudulent entity operating under the name “Bit Deep Quant” has been active across various parts of the country for the past six months. It required initial investments ranging from Rs 6,000 to Rs 10 lakh, offering daily commissions of 6% to 10% under the pretext of trading. The company claimed to have over 7 lakh members in its group, recruiting people through social media platforms where group administrators provided trading signals to encourage investment. Some foreign administrators with numbers starting with +852 were also part of these groups.

This fake company engaged in multi-level marketing and trading, duping countless individuals with the allure of massive profits. The company purportedly originated in the United States, but it lacked any physical presence in India, conducting its fraudulent activities exclusively through social media groups and influencers. While some individuals profited from promoting such fake investment companies on platforms like YouTube and Telegram, countless others lost their hard-earned money due to their greed.

The entire operation involved fraudulent money transactions through fake accounts. Recently, the company halted the withdrawal of funds, claiming it would enter into an agreement with SBI Bank for payments. On September 8, the company demanded a deposit of Rs 6,000 for KYC purposes, threatening to freeze investors’ bank accounts if they failed to comply. The company promised to resume withdrawals on September 11 after this deposit.

These developments have left countless victims feeling swindled, as many had borrowed money or sought assistance from family and friends to invest in the company, which has now gone bankrupt. The company’s app, previously available on the Google Play Store, has also been taken down, and it appears to be making a last-ditch effort to deceive investors further.

We strongly advise our readers to exercise caution and refrain from investing in schemes promising unreasonably high returns without a legitimate basis. Many fraudulent investment apps continue to operate in the market, operating without proper registration and continually changing their names to deceive unsuspecting individuals with the promise of massive profits.