Delhi Police Bust ₹1.22 Crore Cyber Fraud Network, Arrest Three Accused Linked to Fake IPO, Digital Arrest and Forex Trading Scams
The Delhi Police has arrested three men from Gujarat, Rajasthan and Madhya Pradesh for allegedly supplying mule bank accounts that were used to route more than ₹1.22 crore obtained through multiple cyber fraud schemes, officials said on Saturday.
According to investigators, the accused were part of a wider network that helped cybercriminals move cheated money through bank accounts opened in the names of individuals or firms in exchange for commissions.
The arrests were made after the cyber cell and crime branch of Delhi Police cracked three separate cyber fraud cases involving fake IPO investments, digital arrest scams and fraudulent forex trading schemes that targeted victims through social media platforms, fake websites and impersonation tactics.
Fake IPO and stock market investment scam
In the first case, registered on May 30, 2025, a resident of Laxmi Nagar in East Delhi was allegedly duped of nearly ₹46.66 lakh through a fake stock market and IPO investment scheme.
Police said the fraudsters approached the complainant through online investment groups and convinced him to invest by displaying fabricated trading profits and promising unusually high returns.
Initially, the victim was reportedly shown fake gains to build trust before being persuaded to transfer larger amounts.
During the investigation, police traced ₹6.71 lakh from the cheated amount to a bank account linked to a Surat-based company.
The authorised signatory of the account, Rajesh Ratnabhai Hadiya, was arrested in Surat.
Investigators alleged that Hadiya had provided the account to cyber fraudsters on a commission basis to facilitate illegal online transactions and transfer fraud proceeds.
Police also found that the same account had been linked to three complaints registered on the National Cybercrime Reporting Portal (NCRP), including the present case.
Victim kept under “digital arrest”
In the second case, registered on April 14, cybercriminals allegedly trapped a victim in an elaborate “digital arrest” scam — a growing form of cyber fraud in which victims are psychologically manipulated into believing they are under official investigation.
According to police, the fraudsters impersonated officers from multiple agencies, including the Mumbai Crime Branch, Central Bureau of Investigation, Enforcement Directorate and Telecom Regulatory Authority of India.
The victim was allegedly shown forged FIRs, fake Supreme Court documents, fabricated ED notices and arrest warrants.
The fraudsters falsely accused the complainant of involvement in money laundering and misuse of Aadhaar-linked bank accounts.
Police said the criminals created intense fear by threatening immediate arrest and legal action.
“Under fear and psychological pressure, the victim transferred ₹36.19 lakh into multiple bank accounts shared by the fraudsters,” a police officer said.
During the probe, investigators traced ₹5.90 lakh to bank accounts linked to a financial consultancy firm in Kota.
Police subsequently arrested Musaveer Khan, who allegedly operated several bank accounts that were used to route money that was stolen in return for commissions.
Officials said the accounts linked to Khan were connected to four cybercrime complaints on the NCRP portal.
Fake forex trading scheme
In the third case, registered in November 2025, a resident of Gagan Vihar Extension was allegedly cheated of ₹40.12 lakh in a fake forex trading scam operated through social media.
Police said the fraudsters initially allowed the victim to withdraw small amounts of money in order to gain confidence and create the impression that the trading platform was genuine.
Once the victim invested larger sums, the accused allegedly demanded additional payments in the name of taxes, processing fees and clearance charges for releasing the profits.
Investigators later traced ₹8.82 lakh of the defrauded amount to the bank account of Shubham Rathore, who was arrested in Bhopal.
According to police, suspicious transactions worth nearly ₹1.38 crore were detected in Rathore’s account between October and November 2025.
Officials said the account had surfaced in at least 15 cybercrime complaints registered on the NCRP portal.
During questioning, Rathore allegedly admitted that he had sold access to his bank account to another individual for ₹50,000 on a commission basis.
Investigation continues
Police believe the arrested men were not the masterminds behind the frauds but played a key role in enabling the cybercrime network by providing banking channels used to move stolen money quickly across states.
Investigators are now working to identify the larger syndicate involved in operating the scams, including the individuals who controlled the fraudulent trading platforms, fake investment groups and impersonation operations.
Officials said more arrests are likely as the investigation progresses.
The cases once again highlight the rapid rise in sophisticated cyber frauds across India, where criminals are increasingly using fake investment opportunities, impersonation tactics and psychological manipulation to target unsuspecting victims online.
