The Cyber Police of Delhi’s South-West district has busted an organized investment fraud syndicate that lured victims with promises of high returns. Five accused have been arrested for facilitating large-scale cyber fraud across the country using mule bank accounts. Investigations have revealed that the network was being operated from Maharashtra, with links extending to Dubai.
Fake Investment Offer Leads to Big Fraud
The arrested accused have been identified as Shridhar Dilip Ingle (25), Archiryan Goraksh Kamble (21), Ajij Miran Shaikh (25), Pranav Jalinder Guldagad (24), and Vishal Durgadas Bachal (25). All are residents of different parts of Maharashtra and were involved in arranging and supplying bank accounts to cyber fraudsters in a systematic manner.
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The case originated on September 4, 2025, when a resident of Arunachal Pradesh, currently living in Delhi, filed a complaint on the National Cyber Crime Reporting Portal (NCRP). The complainant alleged that he was lured into investing in the stock market through a purported company named “Next Billion Technology Pvt Ltd.”
According to the complaint, after opening an OTC account on July 7, 2025, the victim was contacted by a woman identifying herself as “Parineeti Jain” and her associates through multiple mobile numbers. They persuaded him to invest money by promising high returns. Falling into the trap, the victim transferred a total of ₹12,22,670 into bank accounts provided by the accused.
When the victim realized he had been defrauded, he reported the matter, leading to the registration of a case and the launch of an investigation.
Mule Accounts and Dubai‑Linked Syndicate
During the probe, investigators carried out detailed technical analysis, surveillance, and scrutiny of financial transactions. Digital evidence and money trail analysis led the police team to Shrirampur in Maharashtra, where the main accused, Shridhar Dilip Ingle, was apprehended. During interrogation, he disclosed details about his associates and the modus operandi of the syndicate.
He revealed that he used to provide mule bank accounts on a commission basis. These accounts were obtained from individuals who were either lured with incentives or deceived into allowing the use of their bank accounts. The accounts were then controlled and used for transferring funds obtained through cyber fraud.
Further investigation revealed that these accounts were supplied to an associate named “Chaitanya,” based in Dubai, who played a key role in operating the network at an international level. Subsequent raids at multiple locations led to the arrest of the remaining four accused.
During sustained interrogation, the accused admitted that they were engaged in procuring and supplying mule accounts to cyber fraud syndicates on a large scale. These accounts were used to channel funds collected from victims across various states and Union Territories in India.
Evidence Seized and Network Under Scrutiny
Police recovered six mobile phones from the accused, which were used in the commission of the crime. Additionally, details of 35 bank accounts linked to fraudulent transactions have been obtained. Preliminary analysis indicates that transactions worth several crores were routed through these accounts.
The case highlights how cybercriminals are exploiting technological loopholes and banking systems to target unsuspecting individuals. Investment fraud cases have seen a sharp rise, with fraudsters using fake companies and platforms to lure victims with promises of lucrative returns.
Investigative agencies are now working to identify other links in the network, especially the Dubai connection and any additional international associations. Officials believe that further probing may lead to more significant revelations in the coming days.
Experts have advised the public to remain cautious and avoid investing through unknown platforms or individuals. They stress the importance of verifying the authenticity of investment opportunities before transferring money.
