International fraud syndicate busted, 11 held: Delhi Police

New Delhi, Dec 9 (PTI) Delhi Police has arrested 11 people and claimed to have uncovered an international fraud syndicate allegedly duping people on the pretext of stock market investment, an official said on Monday.

According to the police, teams of the crime branch conducted raids in Mumbai, Ahmedabad and Surat after the syndicate members allegedly cheated a Delhi resident of Rs 61.72 lakh, using fake mobile applications and deceptive investment schemes.

The police said the syndicate’s modus operandi involved approaching victims through social media platforms, lured them with advertisements for free stock market tips and VIP group memberships.

“Fake profit dashboards were displayed to build trust, but when victims attempted to withdraw funds, their accounts were blocked under false pretenses of pending taxes. The syndicate then coerced victims into transferring additional money, leading to significant financial losses,” Deputy Commissioner of Police (crime) Sanjay Kumar Sain said.

The officer further said preliminary investigations revealed that the fraudsters operated via multiple numbers over two to three months. The prime accused, Monica Raghwan, contacted the victim through social media and used a device linked to 540 SIM cards within a short span.

These SIM cards were traced to Deepak Wadhwani, a POS vendor in Ahmedabad, the DCP said.

Teams apprehended Shailesh Subhash Gupta, an account holder of a mule account in Mumbai that received part of the cheated funds, Raju Bhai Sona Bhai Prajapati, Surat-based mule account holder involved in transferring funds, Deepak Wadhwani, POS vendor instrumental in procuring fake SIM cards.

“Interrogations revealed the involvement of intermediaries, including Jigar Ashok Shah and Dubai-based masterminds, who coordinated the syndicate’s operations. Further arrests included Shyamkumar Ramesh Bhai Kagthara, who opened fraudulent accounts, and Prashant Yoganandi, a private bank employee, who facilitated account creation for Rs 1.5 lakh,” said the officer.

The police said that the investigation uncovered over 50 mule bank accounts and revealed how the syndicate moved stolen funds through multiple accounts to obscure the trail. The proceeds were eventually transferred abroad via hawala and cryptocurrency channels. Evidence included cryptocurrency transactions involving USDT, underscoring the syndicate’s digital financial connections.

“During the entire operation police seized 81 forged SIM cards, 24 mobile phones, forged documents and rubber stamps used in the fraud. Efforts to trace the syndicate’s international links continue, with look-out circulars (LOCs) issued for key Dubai-based operatives, Rhonak and Nilesh Jagdish Bhai Thakkar,” said the officer.