The Delhi Police Crime Branch has arrested Krishna Kumar Sharma, a 31-year-old event management entrepreneur, for masterminding a multi-crore inter-state forex exchange fraud. The accused, who had been absconding for months, was apprehended from Uttam Nagar’s Kiran Garden area on Saturday following a tip-off.
According to officials, Sharma posed as a film producer and high-profile businessman to win the confidence of victims across several states. He lured people by offering to exchange foreign currency—mainly US dollars and euros—at highly attractive rates, before disappearing with the cash.
Kolkata Court Issued Arrest Warrant Days Before Capture
Just a day before his arrest, a Kolkata court had issued a warrant against Sharma in connection with a ₹14.5 lakh fraud case. On November 14, 2025, he allegedly duped a Kolkata resident by promising an inflated exchange rate for foreign currency. The accused collected the cash and vanished soon after.
Police records show Sharma’s criminal trail goes back months. In May 2024, he was implicated in another case where he conned a Delhi businessman of $25,000 using a similar method.
Drugged Victims and Escaped with Foreign Currency
In one shocking case, Sharma allegedly gave a victim’s employee water laced with sedatives during a supposed business meeting. Once the man lost consciousness, Sharma fled with the foreign currency kept for exchange. He was later arrested but jumped bail and stopped appearing in court hearings.
DCP (Crime Branch) Harsh Indora said Sharma had been operating across major cities, often targeting individuals engaged in international business or event management.
Luxury Hotel Setups and Elaborate Meeting Traps
During interrogation, Sharma revealed that he and his associates used five-star hotels to stage fake forex exchange meetings. Victims were invited to luxury suites to give the impression of legitimacy. A co-conspirator would then excuse himself on the pretext of “getting Indian currency from the manager” and escape through the rear exit.
These meetings were strategically scheduled between 11 a.m. and 2 p.m., when hotel lobbies were least crowded, minimizing suspicion. The group would immediately fly to another city after the scam, using only cash for bookings to avoid digital traces.
Use of Encrypted Apps and Fake Identities
Police found that Sharma’s gang used encrypted messaging apps and frequently changed SIM cards to avoid detection. Female gang members carried chili spray and chloroform as a precaution during meetings. Investigators believe the group coordinated operations across multiple states, including Delhi, West Bengal, and Maharashtra.
To sustain appearances, Sharma maintained a lifestyle that blended glamour and deception. He often showcased luxury hotels and international travel on social media to attract potential victims.
From Event Management to Crime Network
Investigations also revealed that Sharma hails from Kolkata and holds a commerce degree from the University of Calcutta. In 2017, he founded an event management firm called Ace Entertainment and even produced a music video for Zee Music in 2019. However, after facing financial losses during the pandemic, he allegedly turned to cyber and forex scams to recover money.
Police said efforts are underway to identify his accomplices, including his nephew Mayank Sharma, and others who helped organize the fake transactions. Authorities suspect that the gang may have duped dozens of victims across India.
With the arrest of Krishna Kumar Sharma, police believe they have dismantled a significant part of a wider interstate fraud network that used luxury settings and digital anonymity to exploit unsuspecting investors.
