Cyber Cell busts key link in Rs 2.35 crore online investment scam
New Delhi: In a major crackdown against cyber-based financial crime, the Cyber Cell of the Delhi Police Crime Branch has arrested two alleged facilitators of a major online investment scam worth ₹2.35 crore (approximately $2.35 billion) under the name “Stock Market,” the Delhi Police said on Sunday.
The arrested accused have been identified as Sajjad Ahmed (35) and Uttam Mandal (40). The arrests follow months of technical tracking, financial analysis, and cross-state coordination in a case registered under FIR number 50/2025 at Delhi’s Special Cell.
The accused acted as professional account providers and facilitators, procured bank accounts from individuals by promising profit shares, and handed over the entire banking kit (checkbooks, ATM cards, SIM cards, and login credentials) to cyber fraud handlers. These accounts were used to route the defrauded funds by an interstate syndicate, the Delhi Police said in a press note. Officials said the racket lured victims through social media, particularly Facebook, with promises of high-yield investments in forex and stock-market trading.
Victims were added to fake online groups, where fake profits were displayed on a morphed dashboard. However, when they attempted to withdraw funds, they were denied access, threatened, and subjected to extensive fraud. According to investigators, the two acted as “professional account providers” and purchased bank accounts from individuals in exchange for a share of the profits.
They reportedly collected the entire banking kit—checkbooks, ATM cards, SIM cards, and login credentials—and handed them over to cyber-fraud handlers, who operated the scam from multiple locations across India.
A current account opened in the name of M/s Chand Electronics became a central conduit for routing the defrauded funds. Police said that approximately ₹20 lakh has been traced to multiple mule accounts so far. Investigations revealed that the accused regularly supplied accounts to interstate cyber-crime syndicates and were aware that these channels were being used to receive and circulate fraudulent funds.
DCP Aditya Gautam said, “Further investigations are underway to dismantle the entire network behind the ‘stock market’ fraud scheme.”
