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The Delhi Police has arrested nine persons allegedly associated with a pan-India investment fraud and cyber mule syndicate purportedly linked to 34 complaints involving more than Rs 15.71 crore, officials said on Tuesday.
The probe has also uncovered suspected links with persons based in Qatar, and alleged operational coordination with Dubai-based cybercriminals, they said.
The accused Jamaluddin Faisal (30), Sarabjit Singh (43), Sonia Sharma (42), Shoeb Dilavar Saiyyad (26), Siddiki Mahamadsiddik Mufidbhai (30), Shaikh Riyazuddin Imtiyaz (29), Hamza Humayu (26), Kamalsha Kadarshah (30) and Muzamil Thaib (20) were arrested from Kerala, Maharashtra, Gujarat and Punjab.
The case came to light after a Palam Colony resident alleged he was lured into social media groups appearing to be investment-learning platforms. The accused allegedly impersonated market analysts and investment professionals, showed fabricated trading profits and persuaded him to invest through a fraudulent trading application, a senior officer said.
The victim initially transferred Rs 4.82 lakh through multiple bank accounts and was allowed a small withdrawal to inspire confidence. He was subsequently asked to deposit another Rs 7.81 lakh on the pretext of an IPO allotment. Suspecting fraud, he filed a complaint on the National Cyber Crime Reporting Portal (NCRP).
Subsequently, an FIR was registered in this connection at cyber police station, Southwest.
Investigators traced the money trail and digital footprints across several states, initially leading them to Maharashtra, where Shoeb was arrested from Nandurbar.
An analysis of Shoeb's mobile phone allegedly revealed incriminating chats and digital evidence. Police found that he had travelled to Kerala with four others, where business entities were allegedly created and current accounts were opened.
Siddiki Mahamadsiddik Mufidbhai, Shaikh Riyazuddin Imtiyaz, Hamza Humayu and Kamalsha Kadarshah were subsequently arrested from Gujarat's Surat. They allegedly opened and operated shell firms and provided their current accounts for channelling proceeds of cybercrime, the official said.
Police then arrested Jamaluddin Faisal and Muzamil Thaib from Kerala, while Sarabjit and Sonia were arrested from Punjab for allegedly handling mule bank accounts and laundering cyber fraud proceeds.
During interrogation, Jamaluddin disclosed that he came in contact with persons linked to the cyber fraud network during his stay in Qatar, police said. Another suspected key coordinator, Sam alias Sameer, is allegedly operating from Dubai.
The roles of alleged foreign-based operatives Sam, Riya and Farhaz, and a bank employee are being verified, police said.
The network allegedly targeted victims through social media investment-learning groups and fake trading applications displaying fabricated profits. When victims sought withdrawals, they were allegedly asked to pay taxes, brokerage, IPO charges, verification fees or margins. The money was then layered through current accounts of shell firms.
The accounts linked to the network were found connected to 34 NCRP complaints involving defrauded amounts to the tune of Rs 15.71 crore.
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