Delhi Police have busted an alleged financial fraud network involving more than ₹5.17 crore, arresting two men accused of impersonating company directors to deceive bank officials into transferring money to mule accounts.
Police have recovered assets worth approximately ₹2.5 crore, including gold, cash, an SUV and mobile phones. The arrests have helped investigators solve six fraud cases registered in Delhi and Haryana.
How Was the Fraud Network Exposed?
The investigation began following a complaint filed on August 5 by the branch manager of a public sector bank in Rajendra Place. Police identified the accused as Vinay Kumar Yadav and Anil Kumar Sehgal.
https://the420.in/fcrf-certified-chief-ai-officer-second-cohort-november-2026/
Deputy Commissioner of Police (Central) Rohit Rajbir Singh said the accused allegedly used impersonation and forged communications to convince bank employees to authorise fraudulent RTGS transactions.
The six cases were registered between May and October.
How Did the Accused Deceive Bank Officials?
According to investigators, the fraud began with a telephone call in which the caller discussed opening a fixed deposit worth ₹1 crore. The caller subsequently sent an email to the bank’s official address using a deceptive email ID resembling the registered address of a company.
The message contained a forged payment request on the company’s letterhead, instructing officials to transfer ₹22,56,922 to another bank account. Bank employees processed the RTGS transaction, believing the instructions were genuine.
How Was Another Fraudulent Transfer Prevented?
The accused allegedly attempted another transfer of ₹13 lakh. However, bank officials received a call from the company’s actual director, who clarified that he had not authorised the earlier transaction.
The communication raised suspicion and prevented the second transfer from being processed. Investigators subsequently traced the money transferred in the first transaction to a mule account maintained with a private bank in West Bengal.
What Assets Did Police Recover?
Police traced Yadav and Sehgal during the investigation and examined the movement of the allegedly diverted funds. Investigators said the money had been converted into assets, including gold, while some funds were withdrawn through ATMs.
Police recovered approximately 1,500 grams of gold, an SUV, mobile phones and ₹2.37 lakh in cash. The combined value of the recovered assets was estimated at ₹2.5 crore.
Were the Accused Involved in Other Cases?
Police said both accused had previous involvement in financial fraud cases reported in Ghaziabad, Dasna, Saharanpur, Ayodhya and Faridabad.
Investigators linked their arrest to six cases involving similar methods, with alleged losses exceeding ₹5.17 crore.
The420 Insight: What Does This Case Reveal?
The case highlights how forged corporate emails and impersonation can result in substantial financial losses even through formal banking channels. Verifying unusual payment instructions directly with authorised company representatives remains essential to preventing fraudulent transfers.
