New Delhi — Delhi Police have uncovered a large cyber fraud operation that allegedly swindled victims across multiple states of more than ₹10 crore using fake online trading platforms. Four members of the syndicate have been arrested following an investigation triggered by a complaint lodged on June 14, officials said on Saturday.
The case began when a complainant reported losing ₹49.35 lakh after being lured into investing through what appeared to be a legitimate online trading website. According to investigators, the victim was contacted by a woman on a messaging platform, who persuaded him to make repeated payments before the platform vanished.
Police said an examination of bank accounts linked to the suspects exposed their connection to more than 67 cybercrime cases and FIRs across Karnataka, Maharashtra, Gujarat, Tamil Nadu and several other states.
The arrested individuals — Atul Kumar, Varsha Sharma, Ajay Sharma and a 54-year-old woman — were tracked down on November 20 after investigators followed the money trail.
According to officials, the network relied on a chain of “mule” bank accounts created using documents belonging to economically vulnerable individuals. These accounts were used to receive and funnel money collected through fraudulent schemes.
Ajay Sharma, identified as a key member of the group, allegedly sourced multiple mule accounts and provided their login details to others in the syndicate. Police said that Atul Kumar and Varsha Sharma operated mule accounts through which ₹3.69 lakh of defrauded funds were routed, while the woman received ₹3 lakh in her account.
Some of the cases linked to the gang involve “digital arrest” scams — a rising form of cybercrime in which victims are intimidated into transferring large sums under the pretext of legal action by impersonators posing as law enforcement.
Police said further investigation is underway to identify more members of the racket and trace the remaining money.
