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Delhi Police nab Krishna Kumar Sharma, alleged mastermind of a pan-India forex fraud syndicate. From hypnotising victims to posing as a film producer, his elaborate scams duped traders and professionals- what’s the full story behind the con?
Delhi Police crack pan-India forex scam
New Delhi: The Delhi Police have arrested Krishna Kumar Sharma, allegedly the mastermind of a pan-India forex scam syndicate that defrauded traders, professionals, and travel companies across multiple states, officials confirmed on Sunday.
According to police, Sharma was wanted in a cheating case registered in Kolkata, where he allegedly duped a victim in a forex trade deal, escaping with USD 15,000 and 1,000 Euros, valued at roughly ₹14.5 lakh.
Deputy Commissioner of Police Harsh Indora described Sharma as operating a highly organised syndicate. The accused reportedly lured victims with promises of lucrative forex trades, sometimes posing as a film industry professional to gain their trust. He allegedly presented himself as a film producer and arranged meetings in five-star hotels to convince businessmen of the legitimacy of his deals.
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The syndicate’s operations were reportedly sophisticated. Sharma’s nephew, Mayank Sharma, along with hired associates such as bouncers and makeup artists, staged elaborate setups to make victims believe large-scale entertainment projects were underway. Victims were reportedly asked to hand over cash in hotel rooms, after which the gang fled through alternate exits.
“The syndicate frequently changed SIM cards, used multiple phones, travelled by air immediately after committing frauds, and carried items such as chilli spray and chloroform during operations,” added DCP Indora.
Sharma was also accused in a 2024 Delhi case where a complainant carrying USD 25,000 allegedly fell victim to hypnosis after Sharma offered him water from a bottle; the cash later went missing. Police say Sharma had a history of similar cheating cases in Mumbai and Delhi.
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After an arrest warrant was issued by a Kolkata court on 6 December, Delhi Police traced Sharma to Uttam Nagar in West Delhi. He was apprehended following surveillance-based tracking, officials confirmed.
Police revealed that Sharma allegedly turned to large-scale forex frauds after suffering financial losses in his event management business during the COVID-19 pandemic.
Sharma is now in police custody, and further investigations are underway to uncover the full extent of the syndicate’s operations and identify any additional victims.
