Delhi Police have dismantled a pan-India cyber investment fraud and mule account syndicate, arresting nine accused persons from Kerala, Maharashtra, Gujarat, and Punjab in a coordinated crackdown. Investigators have linked the network to 34 complaints on the National Cyber Crime Reporting Portal (NCRP) involving fraudulent transactions worth more than ₹15.71 crore, with the operation also resolving seven Delhi-specific fraud cases amounting to approximately ₹2.70 crore.

How the Scam Operated

The case originated from a complaint filed by a resident of Palam Colony, New Delhi, who was added to several WhatsApp groups posing as investment learning platforms. Members of the syndicate impersonated market analysts and investment professionals, conducting fabricated trading sessions and circulating screenshots of fictitious profits to build credibility.

The victim was persuaded to invest through a fraudulent trading application, transferring ₹4.82 lakh across multiple banking channels. A small initial withdrawal was permitted to reinforce trust. The accused subsequently demanded an additional ₹7.81 lakh on the pretext of an IPO allotment, at which point the complainant grew suspicious and reported the matter, leading to the registration of FIR No. 75/26 under provisions of the Bharatiya Nyaya Sanhita (BNS) at PS Cyber, South-West District.

The Investigation and Arrests

A dedicated team was constituted under the supervision of Inspector Pravesh Kaushik, SHO of PS Cyber, South-West District, and ACP Operations Sanghamitra. Investigators traced the money trail through beneficiary bank accounts and digital footprints, uncovering an interstate network of account holders, facilitators, and mule account suppliers.

The trail led first to Maharashtra, where Shoeb Dilavar Saiyyad (26) of Nandurbar was arrested. His mobile phone revealed incriminating chats and evidence of travel to Kerala, where shell business entities were allegedly created and current bank accounts opened. Four Gujarat-based accused — Shaikh Riyazuddin Imtiyaz (29), Kamalsha Kadarshah (30), Siddiki Mahamadsiddik Mufidbhai (30), and Hamza Humayu (26), all from Surat or nearby — were subsequently arrested with assistance from local police in Bardoli Town, Surat.

From Kerala, Muzamil Thaib (20) of Manjeshwar was arrested for coordinating accommodation, sharing bank account details, and distributing transaction OTPs through WhatsApp groups. Jamaluddin Faisal (30) of Kasargod was also arrested; police allege he played a central role in establishing shell firms and operating the mule accounts. In Punjab, Sarabjit Singh (43) and Sonia Sharma (42), both of Amritsar, were arrested for their alleged association with fraudulent bank accounts and movement of proceeds.

International Links and Key Suspects

The investigation reportedly unearthed foreign connections linked to Qatar, with digital evidence and disclosures suggesting that operational coordination was allegedly managed by associates based in Dubai. According to investigators, Jamaluddin Faisal disclosed during interrogation that he had previously been associated with individuals connected to the network while staying in Qatar.

A suspect identified as Sam (alias Sameer) is believed to be a principal coordinator allegedly managing activities from Dubai. The roles of individuals identified as Riya, Sam, Farhaz, and a bank employee are currently being verified through financial records and digital analysis. The accused were reportedly connected through a WhatsApp group named 'Brotherhood', through which bank account details were shared.

Modus Operandi and Evidence Recovered

According to police, victims were lured through WhatsApp investment groups and convinced they were participating in exclusive institutional investment programmes. Fake trading applications displayed fabricated profits to encourage repeated deposits. When victims attempted to withdraw funds, they were allegedly asked to pay additional amounts under pretexts including taxes, brokerage charges, IPO allotments, account verification fees, and margin requirements.

The cheated money was layered through multiple current accounts opened in the names of shell firms before being transferred further to conceal its origin. During the operation, police recovered eight mobile phones containing WhatsApp chats, banking records, KYC documents, account-opening forms, digital credentials, and transaction records. Jamaluddin Faisal has two prior criminal involvements in Kerala, including one case under the NDPS Act and another related to stalking, according to police.

Investigation Ongoing

Delhi Police confirmed that further investigation into the case — including its international dimensions and the involvement of additional suspected facilitators — is underway. The syndicate's cross-border reach and the use of mule accounts across four states signal a level of operational sophistication that authorities say warrants continued scrutiny.