Delhi Police Bust Investment Fraud Racket with Dubai Links, 5 Arrested

New Delhi: Delhi Police has busted an investment fraud racket with Dubai links and arrested five alleged fraudsters in connection with a syndicate. Police said the accused are linked to at least 18 complaints, and analysis of the accounts indicates transactions worth several crores.

Police said the case came to light after a complainant, a resident of Arunachal Pradesh currently living in Delhi, reported being duped of Rs 12.22 lakh on the pretext of stock market investment. The man alleged he was contacted by a woman and her associates, who persuaded him to invest through a purported firm. Lured by promises of high returns, he transferred the money over a period of time, only to later realise that the company was fake.

An FIR was registered at the cyber police station in southwest Delhi. DCP (southwest) Amit Goel said, “Investigation revealed that the cheated amount had been routed through multiple bank accounts linked to a network operating from Maharashtra.”

The accused have been identified as Shridhar Dilip Ingle (25), Archiryan Goraksh Kamble (21), Ajij Miran Shaikh (25), Pranav Jalinder Guldagad (24) and Vishal Durgadas Bachal (25). Ingle was apprehended from Shrirampur, Maharashtra. Police said during interrogation, he disclosed that he supplied mule bank accounts on commission to a handler identified as Chaitanya, who is currently based in Dubai. The remaining accused were later arrested in follow-up raids.

“Accused persons procured bank accounts from individuals and handed over control to cyber fraud networks for illegal transactions,” a senior police officer said.

Six mobile phones and details of 35 bank accounts used in the commission of the crime have been seized.