Two held for providing mule accounts in Rs 2.35-cr trading scam case: Delhi Police

The Delhi Police has arrested two men allegedly involved in a stock market investment scam that duped a Delhi resident of nearly Rs 2.35 crore, an official said on Sunday.

According to the police, the duo acted as professional mule account providers to facilitate organised cybercrime.

The accused — Sajjad Ahmad (35) and Uttam Mandal (40) — were arrested during the probe into an FIR registered on February 21 at the Special Cell police station.

“They procured bank accounts from people by offering promised profits and handed over complete banking kits to fraud handlers operating from different parts of the country,” the officer said.

The case came to light after a complainant reported he was defrauded by a person on social media, by posing as an investment advisor showcasing fabricated profits.

“The complainant was induced to invest repeatedly in what he believed were high-yield stock market schemes. Once substantial sums had been deposited, the victim was denied withdrawals through excuses, manipulated dashboards and psychological pressure,” the officer said.

An FIR was lodged under relevant sections and during the investigation, teams found that the cheated amount was routed through multiple layers of bank accounts, with a current account registered in the name of M/s Chand Electronic emerging as a key conduit, police said.

Technical analysis further identified 10 first-layer mule accounts that were used to receive and circulate the proceeds of the fraud, they added.

Interrogation revealed that both Ahmad and Mandal routinely provided accounts to cybercrime syndicates operating pan-India, the officer said.

“By handing over complete banking access, they enabled handlers to remotely manage inflows, transfers and cash withdrawals, making them integral to the financial operations of the racket. Further investigation is underway to trace the remaining suspects,” he added.