Investment fraud gang busted in Delhi, 11 arrested; elderly man duped of over 22 lakh rupee

March 24, 2026

New Delhi: Delhi Police on Tuesday launched a major cybercrime crackdown, busting an organized investment fraud gang operating in Delhi and Mumbai. Police have arrested 11 accused in the case.

The accused defrauded a senior citizen of approximately 22.67 lakh rupees by luring him with promises of high profits.

According to police, the South-West District Cyber ​​Police Station team recovered a large amount of evidence during the raid, including 40 mobile phones, 92 fake SIM cards, 39 passbooks and checkbooks, 27 ATM cards, 4 PAN cards, a laptop, a desktop, 2 POS machines, 6 UPI scanners, a printer, and several forged documents.

How ​​the fraud was carried out
The case was registered on November 21, 2025, when 60-year-old A. Srinivasan complained that he was defrauded through an investment scam.

According to the complaint, he was lured into investing in AI-based trading through a Facebook advertisement that falsely quoted the Finance Minister’s speech. The advertisement led him to register via a link.

The accused then contacted him via phone and WhatsApp, posing as investment advisors, and encouraged him to invest through the MudraOne app and other online platforms.

The victim was tricked into transferring money to Kreoviah Technology Pvt. Ltd. Upon receiving the money, the accused went out of contact and cut off all contact, resulting in a loss of ₹22.67 lakh.

Investigation reveals a large network
Given the seriousness of the case, a special investigation team was formed under the supervision of senior officials. The team used modern techniques such as money trail analysis, call detail records, technical surveillance, and digital tracking.

Investigation revealed that the gang was operating from Rohini and Netaji Subhash Place in Delhi by opening fake bank accounts. Police conducted raids there and arrested five accused and recovered numerous equipment and documents.

Mumbai and International Connections Revealed
During interrogation, the accused revealed that they operated a front office and created fake bank accounts, while the backend operation was conducted from Rohini. These accounts were used to launder illegal money.

The investigation also uncovered another Mumbai-based gang. The fraudulent proceeds were transferred through multiple layers to a bank account in Goregaon East.

Four more accused were arrested in a raid in Bijaynagar, Rajasthan, who were operating this network in Mumbai.

According to the police, the gang provided mule accounts for cyber fraudsters based in Cambodia, who targeted Indians under the guise of investment.

In addition, two other individuals have been arrested for assisting in the operation of these accounts. Police said that investigation into the case is ongoing and other accused and victims are being identified.