Five held in ₹500-crore cyber fraud run by Dubai-based kingpin

Police recovered 18 mobile phones, 36 SIM cards, one laptop, and documents of multiple fake firms used for money laundering. So far, 52 cyber fraud complaints from 12 states have been linked to the syndicate

Five people, including a relationship manager at a private bank, have been arrested for allegedly being part of a cyber fraud syndicate that duped victims across India of nearly ₹500 crore through fake stock investment schemes, the Delhi Police crime branch said on Friday. The racket was allegedly run for over a year by a Dubai-based Indian kingpin named Tom.

Deputy commissioner of police (crime) Aditya Gautam said the accused were paid ₹1.5 lakh for every bank account opened to route laundered funds. (Representational image)

Deputy commissioner of police (crime) Aditya Gautam said the accused were paid ₹1.5 lakh for every bank account opened to route laundered funds. “Acting on the instructions of the syndicate’s Dubai-based kingpin named Tom, the accused earned ₹1.5 lakh commission for every bank account opened for the racket’s operations,” he said.

Those arrested were identified as Manjeet Singh (28), Manshvi (23), Manish Mehra (33), Sombir (43), and Anup (35), the bank’s relationship manager in Gurugram. They were held from Delhi, Gurugram, and Hisar during coordinated raids earlier this week. Police recovered 18 mobile phones, 36 SIM cards, one laptop, and documents of multiple fake firms used for money laundering. So far, 52 cyber fraud complaints from 12 states have been linked to the syndicate.

An official from the cyber cell said, “Investigation began after a ₹40 lakh online stock investment fraud case was registered in June. Three people arrested from Agra revealed the operation was being run from Dubai.”

According to police, the syndicate had several layers. One recruited students and unemployed youth to provide IDs for fake companies and current accounts, while another duped investors and transferred their money into these accounts. A fourth module allegedly converted the proceeds into cryptocurrency, primarily USD Tether (USDT), to transfer funds abroad.

“The syndicate even roped in bank officials. At least 34 fake accounts were opened with Anup’s help. He also leaked internal alerts related to NCRP complaints and account freezing to the gang’s key members,” the officer added