Delhi Police arrests cyber fraud mastermind in ₹300 crore scam

Police said the syndicate operated through mule bank accounts arranged through intermediaries and used applications to capture OTPs and facilitate unauthorised transactions.

New Delhi: The Delhi Police crime branch on Sunday said it arrested a 31-year-old alleged mastermind of a cyber fraud syndicate involved in large-scale online investment scams,with links to international operators based in Cambodia.

The syndicate has duped hundreds of investors of over ₹300 crore in four to five years, said police.

The syndicate has duped hundreds of investors of over ₹300 crore in four to five years. The accused, identified as Karan Kajaria, was arrested on April 3 after being intercepted at the Kolkata airport. Police said a look out circular (LOC) was issued against him.

At least 10 other members of the syndicate have been arrested since December, police added.

Deputy commissioner of police (crime) Aditya Gautam said that the arrests followed an investigation into a case registered at the cyber police station of northeast police district last year. The complainant, Sultan, was duped of ₹31,45,000 through a fake investment scheme, promising high returns.

“Sultan was added to a WhatsApp group and persuaded to install a fake trading app named ‘Cventura.’ Funds were transferred to multiple bank accounts. When he tried to withdraw profits, the application stopped working and the group disappeared. The case was transferred to the interstate cell (ISC) of the crime branch,” said the DCP.

Police said the syndicate used fake investment platforms and messaging groups to target victims. It operated through mule bank accounts arranged through intermediaries and used applications to capture OTPs and facilitate unauthorized transactions, police added.

Police also found that the group laundered money through a network of bank accounts and shell companies, primarily based in Kolkata, to hide the proceeds of crime.

Interrogation revealed that Kajaria maintained direct links with international operators. He procured and distributed mule accounts through his associates and facilitated financial transactions via cryptocurrency channels. He frequently travelled to ‘high-risk’ international locations to strengthen links, the DCP added.

“Kajaria tried to evade arrest by claiming to be in Bangkok. He was arrested and brought to Delhi. Confronted with substantial digital and technical evidence, Kajaria admitted his involvement with the syndicate. Verification revealed that bank accounts were associated with over 2,000 complaints registered on the National Cybercrime Reporting Portal (NCRP),” the DCP added.

Over 260 bank accounts were linked to more than 100 fictitious companies and over 2,567 complaints were registered across multiple states. Police have recovered 48 mobile phones, 258 SIM cards, multiple ATM cards and cheque books, and ₹19 lakh in frozen funds.