Delhi Police have arrested nine individuals involved in a nationwide cyber fraud network.
The accused are alleged to have defrauded people by luring them with fake investment opportunities. They were arrested in Kerala, Maharashtra, Gujarat and Punjab, police said on Tuesday.
The investigation also revealed links to individuals based in Qatar and alleged assistance from cybercriminals operating out of Dubai.
Police received 34 complaints against the accused, who are alleged to have defrauded victims of more than ₹15.71 crore.
Police have recovered mobile phones containing chats, banking records, KYC documents, account opening forms and transaction details.
Victim lured into investing with fake trading profits
The latest case came to light after a resident of Delhi’s Palam Colony filed a complaint, stating that he had been added to a social media group offering investment advice and was later tricked into investing through a fake trading app.
The accused posed as market analysts and investment experts and persuaded the victim to invest by showing him fake trading profits.
The victim initially deposited ₹4.82 lakh into various bank accounts. To gain his trust, the accused allowed him to withdraw a small amount. They later asked him to deposit another ₹7.81 lakh, claiming it was required for an IPO allotment.
Suspecting that he had been defrauded, the victim filed a complaint on the National Cyber Crime Reporting Portal. Following the complaint, an FIR was registered at the Cyber Police Station in Delhi’s South-West district.
Investigation that began in Maharashtra spread to other states
Shoaib Dilawar arrested in Maharashtra: The investigation team examined financial transactions and digital evidence, which led to links across several states. The probe first reached Maharashtra, where Shoaib Dilawar Syed was arrested in Nandurbar. A search of his mobile phone reportedly revealed incriminating chats and other digital evidence.
Four arrested in Surat: According to police, Shoaib travelled to Kerala with four other accused, where they allegedly set up business entities and opened current accounts. Subsequently, Siddiqui Mohammad Siddique Mufidbhai, Sheikh Riyazuddin Imtiaz, Hamza Humayun and Kamalshah Kadershah were arrested in Surat, Gujarat.
Two arrested in Kerala, two in Punjab: Police arrested Jamaluddin Faisal and Muzamil Thaeb in Kerala, while Sarabjit Singh and Sonia Sharma were apprehended in Punjab. They are accused of managing mule bank accounts and transferring proceeds from cyber fraud to various accounts to make the funds appear legitimate.
Fraud by showing profit on fake app
This network used to target people through investment learning groups operating on social media. Subsequently, fake profit figures were shown in fake trading apps.
When victims tried to withdraw money, they were asked for money in the name of tax, brokerage, IPO charges, verification fees, or margin.
Subsequently, the amount was sent through multiple layers via current accounts of shell companies.
