Delhi Police nabs mastermind of pan-India forex fraud syndicate

Delhi Police: The Delhi Police has arrested an alleged mastermind of a forex scam syndicate that duped traders, professionals and travel companies across multiple states, an official said on Sunday.

According to the police, the accused, Krishna Kumar Sharma (31), was wanted in a cheating case registered in Kolkata, where he had allegedly manipulated a victim on the pretext of a forex trade deal and escaped with USD 15,000 and 1,000 Euros, valued at around Rs 14.5 lakh.

“Sharma operated a highly organised cheating syndicate that lured victims with promises of lucrative forex trade, and occasionally by posing as a film industry professional. He allegedly projected himself as a film producer and arranged meetings in five-star hotels to gain the confidence of businessmen,” Deputy Commissioner of Police (Crime) Harsh Indora said in a statement.

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He said members of the gang — including Sharma’s nephew Mayank, and hired associates such as bouncers and makeup artists — staged elaborate setups to convince victims that large-scale entertainment deals were underway.

“Victims were asked to hand over dollars or euros inside hotel rooms, after which the gang fled through alternate exits. The syndicate used multiple phones, frequently changed SIM cards, travelled by air immediately after committing frauds, and carried items like chilli spray and chloroform during operations,” the DCP added.

An arrest warrant had been issued against Sharma by a Kolkata court on December 6, police said.

Acting on inputs, on December 6, a team traced the accused to west Delhi’s Uttam Nagar area and apprehended him after surveillance-based tracking, they added.

Sharma is also accused in a 2024 case in Delhi where a complainant carrying USD 25,000 was allegedly “hypnotised” after Sharma offered him water from a bottle. The cash later went missing, police said.

The DCP said Sharma has been previously involved in multiple cheating cases in Mumbai and Delhi. After suffering losses in his event management business during the pandemic, he allegedly turned to large-scale forex frauds.

He has been taken into custody and further investigation is underway, he added.