New Delhi | A seemingly small investment fraud of ₹1.60 lakh in the capital has led to the exposure of a much larger cybercrime syndicate operating across multiple states. Two accused—Gurinder Sharma and Pradeep Kumar Doobe—have been arrested for their alleged roles in handling and routing the defrauded money. Investigators say the network is linked to suspicious transactions amounting to nearly ₹68 lakh across different parts of the country.
The case dates back to November 2025, when a resident of Mandawali in East Delhi filed a complaint on the National Cyber Crime Reporting Portal. The complainant alleged that he was lured into investing in a fake firm named “Elara Capital Investment Company” through social media platforms. The fraudsters promised high returns in a short span and maintained regular communication to gain his trust.
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The victim transferred a total of ₹1,60,080 in eight separate transactions. Initially, he received fabricated updates that reinforced his belief in the scheme. However, communication abruptly stopped, and no returns were credited. Realising he had been duped, he approached authorities, prompting a detailed investigation.
During the probe, investigators relied on technical surveillance, call detail records, and banking transaction analysis to trace the money trail. It was found that part of the defrauded amount had been routed to bank accounts in Chandigarh and later withdrawn through ATMs. Gurinder Sharma allegedly acted as a mule account holder, allowing his bank accounts to be used for receiving and transferring the illicit funds.
Pradeep Kumar Doobe, on the other hand, is accused of facilitating the conversion of the defrauded money into cash using a petrol pump’s merchant account. In exchange for commission, he allegedly helped channel the funds to other members of the syndicate, thereby obscuring the financial trail and aiding the quick disposal of proceeds.
According to investigators, the syndicate primarily targeted victims through social media by posing as investment advisors or company representatives. Once initial trust was established, victims were persuaded to invest in fake schemes. Fraudsters often provided fabricated data or reports in the early stages to keep victims engaged and encourage further investments.
The probe further revealed that the gang used mule accounts, merchant platforms, and encrypted communication channels to conceal the origin and movement of funds. There are indications that some members of the network may be operating from abroad, and efforts are underway to identify and trace them.
Authorities have recovered two mobile phones and three bank passbooks from the accused. These have yielded crucial leads, pointing to additional suspicious transactions and contacts. Investigators suspect that the syndicate has been active in several states, including Himachal Pradesh, Andhra Pradesh, Punjab, and Maharashtra.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that such frauds heavily rely on social engineering tactics. “Cybercriminals today exploit human psychology, using greed and trust to trap victims. Fake investment platforms and social media channels have become their primary tools to target individuals rapidly,” he noted. He also advised people to thoroughly verify any investment opportunity before committing funds, especially those promising unusually high returns.
The two accused are currently being interrogated, and efforts are ongoing to identify other members of the network. Officials believe that further investigation could lead to more significant revelations, helping dismantle the broader cyber fraud syndicate operating across the country.
