A 26-year-old man, running a fraudulent online investment company deceiving people under the guise of investing in electric vehicle (EV) charging stations, was arrested. ACP Tushar Singh said that acting on a tip-off, the Palasia police station team arrested Siddharth Malviya, 26, resident of Laxmanpuri Colony, while his accomplice, Umesh Shahi, remains on the run.

The company, operating under the name ‘DART-EV’ from B-202 Anmol Space, Vaikunthdham Colony, targeted victims through social media platforms and telecalling operations. Lured by promises of high returns, people were convinced to invest amounts ranging from Rs 4,600 to Rs 50 lakh. The accused claimed that the investments were for setting up EV charging stations across India and promised monthly returns of 40–50% with a lock-in period of 18 months.

The scam was executed using a team of young employees hired for telecalling, who contacted potential investors using a list of phone numbers provided to them. The victims were also asked to install a mobile application that displayed investment and return details but lacked any withdrawal functionality.

Acting as customers, the police contacted the fraudsters through Instagram. After establishing contact via mobile phone, they tracked the location and conducted a search. During the operation, the police seized eight mobile phones with SIM cards, one laptop, six desktop computers and other related equipment. Preliminary investigations revealed that the accused collected investments from multiple states across the country.

Authorities are currently tracing additional bank accounts operated by the accused and collecting data on complaints registered via national cybercrime helpline number 1930.