4 held in Rs 5.92 crore pan-India investment fraud

A pan-India investment fraud worth Rs 5.92 crore, facilitated through a mule-account pipeline operated from Haldwani, has led to the arrest of four men by the Cyber Cell of the Delhi Police.

The case originated from a single complaint: a Delhi resident lost Rs 5.92 crore after being contacted on Facebook by a woman posing as a representative of Mumbai-based CBCX Global Traders.

She promised high-return trading accounts that would rapidly multiply the victim’s funds. Over two months, the complainant continued transferring money.

By the time the fraud was discovered, the funds had already moved through 33 bank accounts and were swiftly withdrawn.

The arrests reveal a growing trend: small-town youths are becoming the financial backbone of large cyber syndicates operating from outside India. Deputy Commissioner of Police (Crime Branch) Aditya Gautam said the case shows how fast cybercrime networks are expanding and how “local boys with bank accounts are turning into key financial operators for international fraud groups”.

He said the syndicate linked to the case spans several states and involves foreign handlers.

Police found that the money moved through shell entities and mule accounts before being withdrawn as cash. The four arrested accused were involved in the second layer of the money trail. Officers said this layer is the most important for syndicates because it turns digital transfers into untraceable cash.

The accused have been identified as Anas Ansari, Mohd Kaif, Akib and Danish, all residents of Haldwani.

Three of them are only 22 years old. Police said they provided bank accounts, withdrew cash and handed it over to handlers for small commissions.

Danish is seen as the key link. He arranged mule accounts for a Dubai-based handler and coordinated withdrawals. Police believe he managed cash distribution for senior members of the syndicate. Kaif supplied multiple bank accounts.

Anas withdrew money whenever asked and passed it to Danish. Akib shared OTPs and full access to his Bandhan Bank account. All four earned money per withdrawal.

The case is registered under relevant sections of the Bharatiya Nyay Sanhita (BNS). Police said the group is linked to at least ten cybercrime complaints across India.

From the National Cybercrime Reporting Portal alone, officers have traced Rs 1.1 crore linked to accounts operated by the same network.

Investigators say the syndicate followed a strict structure. At the front were fake investment consultants on Facebook and other platforms. They targeted middle-class professionals with promises of high returns.

After the victim paid money, the funds moved to Layer-I business accounts. These accounts looked legitimate and gave victims a false sense of security.

The money then moved to Layer-II mule accounts handled by the arrested men. After this stage, cash collectors and regional handlers took over.

Officers say it took weeks of technical analysis to map the movement of money. Banks across multiple states were contacted, and CCTV footage from ATMs in Haldwani was pulled out.

Police said the quick cash withdrawals helped them narrow down the role of the arrested men.

Police say the syndicate used dozens of accounts to break the trail. Many accounts were opened with forged documents.

Some belonged to men who handed their ATM cards to handlers for a monthly fee.

Officers say more arrests are likely, and the Dubai-based handler is yet to be identified.

Police believe the front-end operators are based abroad, and the woman who posed as “A” on Facebook is also part of that network. The Crime Branch said more victims may come forward as the investigation expands.