India, May 13 -- The Delhi Police have arrested four people, including two private bank employees, for allegedly enabling a cyber fraud syndicate that cheated hundreds of people in and around Delhi through a bogus investment app, QuantsAIS, in a widening investigation into a fake trading app scam.

The scam came to light after a businessman from Patel Nagar lodged a complaint in April, alleging he lost Rs.16.7 lakh after being lured into investing via social media and chatting app groups promoting the application. "The accused were using a fake investment application which showed fake returns. After the complainant had invested over Rs.16 lakh and tried to withdraw his money, it failed, and the accused blocked him on social media," said D...