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Nine men from five states were arrested for a massive ₹16 crore investment scam that trapped hundreds through fake social media accounts. With 286 similar complaints and overseas operators pulling the strings, how deep does this fraud network really run?
9 held for Rs 16 crore invest fraud
New Delhi: The Delhi Police have arrested nine men from five different states for allegedly running a large-scale investment fraud that duped hundreds of victims of more than ₹16 crore. The arrests followed a month-long investigation involving technical surveillance, financial analysis, and coordinated raids across Kerala, Uttar Pradesh, Delhi, Karnataka, and Andhra Pradesh, police officials said on Thursday.
According to police, the accused created fake social media accounts and impersonated reputed investment firms to trap unsuspecting investors. Victims were promised high and assured returns on their investments, but once the money was transferred, the fraudsters disappeared.
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One complainant, who approached the police in September, reported being cheated of ₹21 lakh. Several other victims, including residents of Delhi, lost amounts ranging between ₹2 lakh and ₹25 lakh.
During the investigation, police uncovered more than 286 similar complaints registered on the National Cybercrime Reporting Portal (NCRP) against the same network. A senior police officer said a detailed technical analysis and money trail examination revealed that the defrauded money was routed through multiple beneficiary bank accounts to evade detection.
Investigators found that significant transactions were routed through accounts in a private bank and a nationalised bank, all located in Mangaluru. The bank accounts were linked to a man identified as Shoukat Ali. Based on this lead, a police team led by Inspector Vikas Buldak conducted raids in Kerala and arrested Ali.
Following Ali’s arrest, police teams tracked the digital and financial footprints of the syndicate and arrested eight more accused from different states. DCP (West) Darade Sharad Bhaskar said two accused, Mohd Adnan Raza and Devender Pandey, were responsible for arranging agents and opening bank accounts used in the fraud.
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Police revealed that the main operators of the scam were working from abroad and remotely controlling the bank accounts. The cheated funds were rotated through multiple accounts to mislead investigators. Ali alone allegedly handled transactions worth ₹11 crore using business accounts. Another accused, Babu Pynadath from Kerala, received more than ₹2 crore through company-linked accounts.
During the raids, police recovered 11 mobile phones, ATM cards, cheque books, and passbooks. Officials said further investigation is underway to identify overseas handlers and additional victims. Police have urged citizens to remain cautious while investing online and verify the authenticity of investment offers before transferring funds.
