In a major breakthrough against cyber fraud, Delhi Police’s Crime Branch has dismantled a sophisticated interstate network running fake online trading scams across India. The gang lured victims with promises of sky-high returns through bogus apps and Telegram groups, swindling over ₹300 crore from thousands.
Four key operatives were nabbed from Kolkata and Lucknow in coordinated raids. The operation, led by Inspector Satendra Khari, uncovered a web of 105 sham companies operating 260+ mule bank accounts. Victims were first hooked via flashy ads on WhatsApp, Instagram, Facebook, and Telegram, featuring guaranteed profits from online trading.
Once engaged, targets were added to fake Telegram groups mimicking legit brokerages. They were then directed to download counterfeit trading apps displaying rigged dashboards showing profits. Small initial ‘earnings’ built trust, prompting larger investments. But withdrawal requests triggered demands for taxes, fees, or activation charges, after which funds vanished into mule accounts.
Investigators revealed these platforms lacked any regulatory approval. The gang’s tech-savvy approach included fake profiles, forged KYC documents, and RTGS transfers via ICICI Bank to launder money. Seized items include 39 phones, 258 SIMs, 4 laptops, ATM cards, checkbooks, and ₹19 lakh frozen in accounts.
Interrogations linked the network to Cambodia-based handlers, with proceeds funneled via crypto. Active for 4-5 years, the syndicate exploited legal loopholes in eastern UP, Kolkata, and Bihar. Over 2,500 complaints on NCRB portal tie back to this ring. Police vow to hunt remaining accomplices and connect more cases.