New Delhi: Delhi Police’s Cyber Police Station has busted an interstate investment fraud and mule bank account network and arrested nine accused from Maharashtra, Gujarat, Kerala and Punjab. The investigation has linked the network to 34 cybercrime complaints involving fraudulent transactions of more than ₹15.71 crore. Seven cases registered in Delhi, involving around ₹2.70 crore, are also being examined. Police are now probing suspected overseas links and the possible involvement of network operators based in Dubai and Qatar.
The case came to light after a complaint by a resident of Palam Colony in New Delhi. The victim was added to WhatsApp groups presented as investment learning platforms and special programmes related to the stock market. The accused allegedly posed as market analysts and investment professionals and built the victim’s confidence through fake trading sessions and fabricated success stories. The victim was subsequently persuaded to invest through a fraudulent trading application.
The victim transferred around ₹4.82 lakh through multiple bank accounts. Initially, a small withdrawal was reportedly allowed, giving the victim the impression that the investment platform was genuine. The accused later demanded an additional ₹7.81 lakh on the pretext of an IPO allotment. Suspecting fraud, the victim reported the matter on the National Cyber Crime Reporting Portal, following which an FIR was registered and an investigation launched.
Investigators initially focused on tracing the movement of funds and identifying beneficiary accounts. Analysis of bank records, mobile data, WhatsApp chats and other digital evidence revealed the involvement of account providers, intermediaries and mule account operators. The money was allegedly routed through multiple bank accounts and current accounts opened in the names of shell business entities.
The money trail led investigators to Nandurbar in Maharashtra, where Shoeb Dilavar Saiyyad was arrested. Examination of his mobile phone allegedly revealed incriminating chats and other digital evidence. His interrogation reportedly led investigators to a network involved in setting up business entities and opening current accounts in Kerala. The accused were allegedly connected through a WhatsApp group named “Brotherhood”, where bank account details were shared.
Four accused from Gujarat—Shaikh Riyazuddin Imtiyaz, Kamalsha Kadarshah, Siddiki Mahamadsiddik Mufidbhai and Hamza Humayu—were arrested. They allegedly provided current accounts in exchange for payment and travelled to Kerala to meet other members of the network. Muzamil Thaib and Jamaluddin Faisal were arrested in Kerala, while Sarabjit Singh and Sonia Sharma were arrested in Punjab.
According to the investigation, the accused allegedly created business entities and opened bank accounts in their names before handing over account kits and banking details to the network’s operators. Muzamil Thaib allegedly helped identify account holders, arrange accommodation and share bank account and OTP-related information. Jamaluddin Faisal allegedly played a role in setting up firms and operating bank accounts.
Investigators have also found information indicating Jamaluddin Faisal’s previous contacts with individuals linked to the network in Qatar. Sam (Sameer) is suspected to be a key coordinator and is believed to be operating from Dubai. The roles of Riya, Sam, Farhaz and a bank employee are being verified through financial and digital evidence.
Police recovered eight mobile phones from the accused. The devices allegedly contained WhatsApp chats, banking records, KYC documents, account-opening forms, digital credentials and transaction-related data. The investigation found that the gang allegedly targeted victims through WhatsApp investment groups and displayed fabricated profits on fake trading applications to convince them that their investments were generating returns.
When victims attempted to withdraw their money, they were allegedly asked to make additional payments on the pretext of taxes, brokerage charges, IPO fees, account verification, processing fees and margin requirements. The funds were then allegedly layered through multiple current accounts registered in the names of shell firms to conceal their origin.
According to police, 27 additional NCRP complaints have also been linked to the network. Jamaluddin Faisal is also reported to have previous cases registered against him in Kerala under the Narcotic Drugs and Psychotropic Substances Act and in connection with stalking. The investigation into the suspected overseas links and the roles of other facilitators is continuing.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
