NEW DELHI: Delhi Police has busted an inter-state cyber fraud ring involved in an online investment scam and arrested four people, an official said on Saturday.
The Crime Branch team was able to arrest the accused in a case of defrauding a victim $33.83 lakh on the pretext of lucrative returns through online trading platforms.
“The police said that the accused lured the victims with promises of high returns and later forced them to deposit more money on the pretext of opening or withdrawing previous investments,” the officer said.
The racket operates in several states, including Delhi, Punjab and Rajasthan, and uses a network of bank accounts to channel fraudulent funds and hide their source, police said.
“During the investigation, the fraudulent amount was traced to 15 bank accounts. Thirteen of these accounts were registered outside Delhi, indicating the organized and inter-state nature of the syndicate,” the police officer said.
The accused have been identified as Muhammad Khalid and Atyur Rahman, both residents of Delhi, Ramandeep Singh from Punjab, and Tanish alias Hira Ram from Rajasthan.
According to police, Khalid was arrested on March 15, and allegedly revealed that he had given his bank account details and SIM card to another accused in exchange for a commission.
Rahman, who was already in a jail in Haryana in a similar case, was later formally arrested.
Ramandeep Singh was arrested on April 6 and allegedly admitted to sharing his account credentials for financial gain.
Tanish was arrested from Rajasthan on April 9 for facilitating the use of such accounts in the fraud network.
During the investigation, officers analyzed more than 100 detailed call logs, IMEI data and digital evidence related to transactions to trace the accused and trace the money trail.
Three mobile phones and SIM cards used in the crime were found.
Police said further investigations are underway to identify other members of the syndicate and trace additional financial links.
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