New Delhi, Feb 4 The Intelligence Fusion and Strategic Operations (IFSO) unit of the Special Cell of Delhi Police, has busted an interstate cybercrime syndicate involved in a fake stock market investment scam, arresting six people and recovering nine mobile phones, officials said on Wednesday.
The syndicate allegedly cheated victims by promising high returns on online stock market investments and siphoned off funds using fake trading platforms, advanced digital tools and mule bank accounts. Investigations revealed that the operation was orchestrated by cybercriminals based abroad, with local operatives managing bank accounts and fund transfers.
According to police, the case came to light after a complaint by a real estate developer who alleged that he was duped of approximately ₹3.76 crore on the pretext of assured investment returns. An e-FIR was subsequently registered at the Special Cell police station, and the probe was taken up by the IFSO unit.
During the investigation, police traced suspicious financial transactions to multiple mule bank accounts. Raids conducted across Mumbai, Kota, Noida and Lucknow led to the arrest of six accused, who were found to be actively involved in procuring, operating and managing mule accounts used to route the cheated money.
Police said forensic analysis of seized mobile phones yielded crucial digital evidence, including details of multiple bank accounts used in the fraud. The accused were allegedly coordinating transactions at the instructions of foreign-based masterminds.
Officials said the scam was well-organised and spread across several states, involving systematic laundering of illicit proceeds. Further investigation is underway to identify other conspirators, trace the complete money trail and examine the role of additional facilitators linked to the racket.
Delhi Police reiterated its zero-tolerance policy towards cybercrime and investment fraud, advising citizens to remain cautious of online schemes promising unusually high returns and to report suspicious activities promptly.
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