Investment fraud racket busted in Delhi, 11 arrested; senior citizen cheated of over Rs 22 lakh
New Delhi, March 24 (IANS/WISHAVWARTA) In a major crackdown on cybercrime, the Delhi Police on Tuesday arrested 11 individuals involved in a well-organised investment fraud racket operating across Delhi and Mumbai. The accused allegedly duped a senior citizen of Rs 22.67 lakh by luring him with promises of high returns on investment.
According to officials from the Cyber Police Station of the South-West District, the arrests led to the recovery of a significant quantity of incriminating material, including 40 mobile phones, 92 fake SIM cards, 39 passbooks and chequebooks, 27 ATM cards, four PAN cards, a laptop, a desktop, two POS machines, six UPI scanners, a printer, and several fake documents used for opening fraudulent bank accounts.
The case was registered on November 21, 2025, under e-FIR No. 0079/2025, based on a complaint filed by a 60-year-old man, identified as A. Srinivasan. He reported being cheated through an investment scam that originated from a Facebook advertisement misusing a speech of the Finance Minister. The advertisement promoted AI-based trading and redirected users to a registration link.
After registering, the complainant was contacted by individuals posing as investment advisors via phone calls and WhatsApp. They persuaded him to invest money through platforms such as the Mudraone App and another online portal. The victim was instructed to transfer funds in the name of a company, Kreoviah Technology Pvt. Ltd. Once the money was received, the fraudsters ceased communication and blocked all contact, resulting in a loss of Rs 22.67 lakh.
Taking cognisance of the seriousness of the offence, a special investigation team was formed under the supervision of senior officers. The team employed advanced techniques such as money trail analysis, call data record examination, technical surveillance, and digital footprint tracking.
The investigation revealed the existence of a syndicate operating from Rohini and Netaji Subhash Place in Delhi, where fake bank accounts were opened and managed. Raids conducted at these locations led to the arrest of five accused and the seizure of multiple devices and documents linked to the fraud operation.
During interrogation, the accused disclosed that they operated front offices for opening mule bank accounts, while backend operations were handled from another location in Rohini. These accounts were then supplied to other members of the network to route illicit funds.
Further investigation uncovered the involvement of another syndicate based in Mumbai. The cheated amount was traced through multiple layers before being credited into a bank account in Goregaon East. Subsequent raids in Rajasthan’s Bijai Nagar led to the arrest of four more accused who had shifted to Mumbai to run the operation.
Police said the accused were facilitating mule accounts for cyber fraudsters allegedly based in Cambodia, who targeted Indian citizens through investment scams.
Two additional individuals were arrested for assisting in managing these fraudulent accounts. Authorities confirmed that further investigation is ongoing to identify other members and trace additional victims.
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