Delhi Police bust cybercrime syndicate; Rs 4.25 cr trail unearthed

The Delhi Police has busted a cybercrime syndicate with the arrest of five people allegedly involved in defrauding more than Rs 4 crore through fake investment schemes, officials said on Monday.

The accused have been identified as Vikram (40), Mukul (33), Akshay (29), Hari Kishan Singh (38), and Mangu Singh (27), they said.

Police said the gang was operating a large-scale investment fraud racket, promising high returns through stock and IPO investments. The cheated money was routed through multiple mule accounts and converted into cryptocurrency before being transferred to wallets controlled by handlers in Cambodia, Deputy Commissioner of Police (Southwest) Amit Goel said.

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So far, investigators have traced Rs 4.25 crore in fraudulent transactions through these channels. At least 15 complaints on the National Cybercrime Reporting Portal (NCRP) have been linked to the same syndicate, the DCP added.

The syndicate made contact with foreign handlers through a messaging application. The group created networks across states to open or procure bank accounts, which were used to channel funds from victims.

The defrauded money was moved through several layers of mule accounts and eventually converted into cryptocurrency (USDT) before being sent to wallets controlled by Cambodia-based fraudsters. The gang kept about five per cent of the cheated amount as commission.

The investigation began after a complainant, identified as R. Choudhary, reported losing Rs 10.7 lakh after being added to a social media group that lured him with fake investment opportunities.

“Initially, the victim was given small profits to build trust. Later, he was induced to invest more money, and when he tried to withdraw, the transactions were blocked,” DCP Goel said.

A case under relevant sections of the Bharatiya Nyaya Sanhita was registered, and police conducted a series of raids across Haryana, Punjab, Himachal Pradesh, and Rajasthan.

The first accused, Vikram, was traced to Jind, Haryana, leading to the arrest of Mukul from Zirakpur and Akshay from Una. Further investigation resulted in the arrest of Hari Kishan Singh from Amritsar and Mangu Singh, the alleged mastermind, from Sikar, Rajasthan.

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“Mangu Singh was found to be operating groups on messaging applications such as ‘ATPay’ to procure mule accounts and coordinate fund transfers to crypto wallets abroad,” the DCP said.

The accused were part of a transnational cybercrime module using Indian mule accounts to funnel money to foreign handlers through cryptocurrency, DCP Goel said, adding that further investigation is underway.