In a major cybercrime bust with international links, Delhi Police have arrested two individuals accused of defrauding a retired Indian Army colonel of ₹41.45 lakh through a fake digital gold trading scheme. The case has unveiled a transnational cyber fraud operation with connections to Chinese nationals and cryptocurrency laundering.
Key Highlights
- Two arrested, operating from hotel rooms in Ahmedabad.
- Chinese cyber nexus uncovered via encrypted messaging apps.
- Victim lured through social media into fake “digital gold” investment platform.
- Fraud proceeds were converted into USDT (cryptocurrency) and routed abroad.
- Remote access to Indian bank accounts enabled via SIM-linked app installations.
How the Fraud Was Orchestrated
According to DCP Southwest, a retired colonel from Vasant Kunj, was contacted via social media and enticed with promises of high returns from gold trading in U.S. dollars. His investments appeared to multiply on the fake platform, prompting him to deposit more funds eventually totaling ₹41.45 lakh.
When he attempted to withdraw the fabricated ₹1 crore in earnings, he was asked to pay an additional ₹31.5 lakh in “taxes.” This raised suspicions, prompting the victim to report the fraud.
Criminal Operation Unraveled
Mr. Khan, described as the key operator, coordinated with Chinese handlers through a messaging app.
Khan brought account holders to hotels in Ahmedabad, installed remote-access apps on devices linked to Indian SIM cards and bank accounts, and enabled international fund transfers beyond the reach of Indian enforcement.
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The siphoned money was converted to Tether (USDT) cryptocurrency and moved overseas.
From Bank Accounts to Black Money
Sahani initially opened a personal account for use in these scams. Realizing the financial benefits, he opened nine more current accounts and sold access to the fraud network for commission. The operation used mule accounts, layered transactions, and crypto channels to obscure the money trail.
About the author – Ayush Chaurasia is a postgraduate student passionate about cybersecurity, threat hunting, and global affairs. He explores the intersection of technology, psychology, national security, and geopolitics through insightful writing.