Ajmer: Police in Kishangarh, Ajmer district, have arrested the mastermind behind the VIP Trade scam, intensifying investigations into a ₹6 crore fraud carried out under the guise of investments and forex trading.
Mastermind in Custody
Lokesh Choudhary, the primary operator of VIP Trade, was taken into custody by Gandhinagar police through a production warrant for questioning. The scam first came to light in February 2025, when investors alleged that the company had cheated them by promising high returns on investments and forex trades.
Tracking the Misappropriated Funds
Police are now probing the flow of the misappropriated funds, trying to determine how and where the crores collected from investors were utilized. Authorities believe that questioning Lokesh Choudhary could reveal critical information about the fraud, the operational network, and potential accomplices.
Earlier Arrests and New Developments
Prior to this, four individuals—Lokesh Choudhary, Dheeraj, company cashier Balveer Vaishnav, and financial assistant Narendra (alias Nanu)—had already been arrested for orchestrating the scam and luring investors with promises of high profits.
Under the leadership of Gandhinagar Police Station in-charge Sanjay Sharma, two more key suspects, Hidayat Ali and Kailash Choudhary, were apprehended. Police stated that these individuals actively participated in collecting funds from investors and channeling them into the company’s operations.
Investigation Ongoing, Several Suspects Still at Large
The investigation is being carried out under the supervision of District Superintendent of Police Vandita Rana and City CO IPS Ajay Singh Rathore. Thousands of investors have reportedly been affected by the scam, while several suspects, including Abdul Samad, remain at large.
Cash Seized, Other Companies Questioned
So far, police have seized around ₹30 lakh in cash and two vehicles, though investors claim this is only a fraction of the total fraud. Authorities are also scrutinizing other companies, including Crypto Media Network, NFT Treasure, eFom, and Busy Wealth, which have faced similar allegations of large-scale investor fraud. No arrests have been made in the eFom case yet.
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