Delhi Police has arrested an international investment fraud syndicate member, who was operating from Dubai and played a key role in arranging mule bank accounts for the gang, an official said on Saturday.
The accused, identified as Rhonak Jagdish Bhai Thakkar, was apprehended from Mopa airport in Goa on February 5, he said.
Thakkar was wanted in connection with a case registered at the Crime Branch police station in 2024.
According to police, the case came to light after a resident of Rajasthan’s Hanumangarh lodged a complaint alleging that he was cheated of Rs 61.72 lakh by fraudsters posing as representatives of M/s Globe Capital Market Limited.
The victim was allegedly added to a group and persuaded to invest in the stock market through a fake mobile application. When he could not withdraw the invested amount and realised the application was fake, he approached the police.
During investigation, police traced the amount to bank accounts linked to shell entities, including Mahadev Enterprises in Gujarat’s Junagarh and New Sadiqueen in Kashmir’s Srinagar.
The funds were later transferred to multiple mule accounts across states, including accounts linked to entities in Mumbai and Surat, Deputy Commissioner of Police (Crime) Aditya Gautam said.
The probe revealed a well-organised interstate network involving shell companies, forged MSME documents, fake rubber stamps, and fraudulently procured SIM cards used to impersonate legitimate financial institutions.
Police have so far arrested 17 people in connection with the case and recovered 81 SIM cards, 24 mobile phones, forged stamps, MSME documents, cheque books, CPUs and other digital evidence.
The investigation revealed misuse of SIM cards issued from Ahmedabad through a single POS vendor. Following this lead, police conducted simultaneous raids in Mumbai, Surat and Ahmedabad, leading to multiple arrests.
Investigators said the syndicate allegedly targeted victims through social media platforms and messaging apps by promising high returns and VIP stock tips.
Victims were added to fake groups resembling that of reputed financial institutions, where fabricated success stories were shared to build trust.
They were then made to install fake trading applications, after which the money was routed through shell companies and mule accounts and allegedly diverted via cryptocurrency or hawala channels, indicating international cybercrime links.
According to police, Thakkar was allegedly operating from Dubai and arranging mule bank accounts in India on commission for the syndicate’s kingpin, Krish Hasmukh Bhai Shah, who has been declared a proclaimed offender in the case.
Further investigation is underway to trace additional associates, money trails and international linkages, police added.
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