NEW DELHI: Delhi Police‘s crime branch busted a sophisticated international fraud syndicate that used fake stock market investment schemes, money laundering, and cybercrime to cheat unsuspecting investors out of crores of rupees.
The syndicate, which had its roots in Dubai, used a network of money mules, fake SIM cards, and fraudulent bank accounts to carry out its operations. Following a meticulous investigation, the police arrested 11 accused persons, including a bank employee, and seized incriminating evidence.
According to DCP (Crime) Sanjay Sain, the police investigation began after a victim, Kulveer Singh, approached the Inter State Cell, Crime Branch, Delhi, with a complaint of being defrauded of Rs 61.72 lakh by imposters posing as representatives of Globe Capital Market Limited.
“The investigation revealed that the syndicate used seven different WhatsApp numbers to communicate with the victim and used 540 SIM cards within a short span,” DCP Sain said.
A team comprising ACP Ramesh Lamba and others subsequently arrested 11 accused, including an Axis Bank employee, a POS vendor, and money mules. The arrests were made following simultaneous raids in Mumbai, Ahmedabad, and Surat.
The police also seized 81 forged SIM cards, 24 mobile phones, forged rubber stamps, MSME documents, and fraudulent bank materials, exposing the gang’s international links.
The investigation revealed that the syndicate operated on an expansive scale, spanning multiple cities across Gujarat and Maharashtra, cops said.
The police identified more than 50 mule bank accounts used by the syndicate and issued Look-Out Circulars (LOCs) for key suspects, including Dubai-based operatives.
The police also uncovered a Dubai nexus, linking the operations to Rhonak and Nilesh Jagdish Bhai Thakkar, both pivotal members of the Dubai-based network.
The investigation revealed that while the network of fraudulent bank accounts is operated by money mules based in India, these scams are masterminded and executed by top-tier cybercriminals based outside India.
The crime branch urged citizens to be cautious of such fraudulent schemes and to report any suspicious activities to the police.
