Delhi Police has arrested the alleged mastermind of a massive interstate foreign-currency exchange scam that defrauded traders, businessmen and travellers across multiple states.
The accused, Krishna Kumar Sharma (31), was caught in Kiran Garden, Uttam Nagar, following a tip-off and precise surveillance.
According to Crime Branch officials, Sharma ran an elaborate cheating syndicate by promising “favourable” forex deals — offering to convert dollars and euros at attractive rates — and sometimes posing as a film-industry professional to win trust.
He allegedly lured victims with promises of connections to Bollywood actors or big movie projects, setting up fake meetings in five-star hotels to lend credibility to the ruse.
The fraud was sophisticated. Victims were invited to luxury hotel suites to hand over foreign currency or cash.
Once inside, one of the accomplices would pretend to go check the money with a “manager,” and slip away through a back exit along with the cash.
The gang used multiple phones and SIM cards, communicated via internet calling apps, often booked flights and hotels in cash, and even reportedly carried chilli spray or chloroform to control victims if needed.
Sharma’s crimes span across Delhi, Kolkata and Mumbai.
He was wanted in multiple cases: a major FIR in Kolkata for cheating a victim of USD 15,000 and EUR 1,000 (≈ Rs 14.5 lakh), besides older cases in Mumbai suburbs (Amboli, Vakola) and a 2024 case in Delhi’s Connaught Place, where the complainant alleged he lost consciousness after being given water, shortly after which USD 25,000 went missing.
Sharma had earlier been arrested but released on bail, only to go underground.
His network reportedly included his nephew (named Mayank) and other accomplices playing roles of bouncers, make-up artists, and “film-crew” staff — all to create a believable show of glamour and legitimacy.
Police believe Sharma’s shift to large-scale forex fraud began after his legitimate business — an event-management company he had founded post-graduation — suffered heavy losses during the pandemic.
Since then, he allegedly began orchestrating multi-crore scams across cities, duping unsuspecting victims under the guise of luxury, fame and easy money.
With Sharma now in custody, police hope to trace and dismantle the larger syndicate. Investigators are combing through phone records, hotel and flight bookings, and financial trails to find out how many were cheated — and to recover their money.
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