Delhi Police has dismantled a major investment fraud syndicate operating with links to Dubai. Five individuals were arrested for allegedly cheating a resident out of Rs 12.22 lakh through a fake stock market platform. The investigation revealed a sophisticated network using mule accounts to move crores of rupees across state borders, primarily originating from Maharashtra. The case came to light after a victim filed a complaint on the National Cybercrime Reporting Portal regarding losses in a purported firm called Next Billion Technology Pvt. Ltd.
How did the Dubai-linked investment scam operate?
The syndicate lured victims into investing in fake stock market schemes by promising high returns. The accused used mobile applications to show artificial profits, which encouraged victims to deposit more money. Shridhar Dilip Ingle, one of the arrested men, confessed to supplying mule bank accounts to a Dubai-based handler named Chaitanya on a commission basis. These accounts were used to funnel cheated money through multiple layers to evade detection by authorities. The police found that the cheated amount had been routed through various bank accounts linked to a network operating from Shrirampur, Maharashtra.
Key details of the arrests and police investigation
The Cyber Police Station in southwest Delhi registered an FIR and used technical surveillance to track the accused. Following raids in Maharashtra, the police apprehended five individuals involved in the racket. DCP southwest Amit Goel stated that these accounts were used to channel cheated money in multiple cases across different states. The analysis of the seized accounts suggests that the total volume of transactions could be worth several crores.
| Detail | Information |
|---|---|
| Total Arrested | 5 Individuals |
| Main Accused | Shridhar Dilip Ingle (25) |
| Other Accused | Archiryan Goraksh Kamble, Ajij Miran Shaikh, Pranav Jalinder Guldagad, Vishal Durgadas Bachal |
| Seized Items | 6 Mobile Phones and 35 Bank Account details |
| Connected Complaints | Linked to 18 complaints on NCRP portal |
Police officials including Inspector Pravesh Kaushik and ACP Sanghmitra led the team that busted the network. The investigation revealed that the accused procured bank accounts from common individuals and handed over control to cyber fraud networks for illegal transactions. Authorities are currently working to trace the remaining members of the syndicate and the Dubai-based handler involved in these operations.
