Delhi Police Bust International Investment Fraud Network with Goa Airport Arrest

In a major breakthrough against organised cyber-enabled financial crime, the Delhi Police has dismantled a Dubai-linked investment fraud syndicate that allegedly duped victims across India using fake stock-trading platforms and mule bank accounts. The Crime Branch arrested key operative Ronak Jagdishbhai Thakkar at Goa’s Mopa International Airport while he was attempting to leave the country, marking a significant step in exposing what investigators describe as a transnational financial crime network . Police said the case stems from a 2024 complaint in which a Rajasthan resident lost ₹61.72 lakh after being lured by fraudsters posing as representatives of an investment firm and promising unusually high stock-market returns.

Investigators say the racket followed a pattern increasingly seen in global cyber fraud operations. Victims were approached via social media ads, messaging apps and cold investment pitches , then moved into curated WhatsApp groups designed to create credibility through fake testimonials and fabricated profit screenshots. They were later directed to install fraudulent trading apps , which displayed artificial gains to encourage larger deposits. Once victims attempted withdrawals, the platforms became inaccessible. Such scams, police note, mirror emerging international fraud trends where technology-driven deception replaces traditional phishing , making detection harder and recovery of funds more complex.

Tracing financial flows, police uncovered a network of shell companies and bank accounts spread across multiple Indian states, including entities in Gujarat and Kashmir. The accused allegedly used forged MSME certificates, fake business registrations and illegally obtained SIM cards to open accounts and layer transactions. Authorities also found that proceeds were routed through cryptocurrency wallets, hawala channels and cross-border transfers , techniques commonly used in organised laundering operations to obscure money trails and move funds offshore. Investigators believe the syndicate functioned with a hub-and-spoke structure , where handlers abroad coordinated operations while Indian associates created accounts and facilitated withdrawals.

Coordinated raids across Mumbai, Surat and Ahmedabad have so far led to 17 arrests , with police seizing dozens of SIM cards, mobile devices, forged documents and digital evidence , suggesting the scale of the network may be far larger. Officials say the alleged mastermind, Krish Hasmukhbhai Shah, remains absconding and has been declared a proclaimed offender. Cybercrime experts point out that such syndicates often operate across jurisdictions, exploiting gaps in digital regulation, identity verification and international cooperation frameworks.

Authorities warn that the case highlights the growing sophistication of AI-assisted fraud tactics, fake investment ecosystems and social-engineering methods , which are rapidly becoming one of the biggest financial-crime threats in India. Police have urged citizens to avoid apps or investment schemes promising guaranteed high returns, verify platforms through regulatory bodies, and report suspicious online activity promptly. Investigations are continuing to map the full financial trail, identify additional accomplices and coordinate with international agencies, as officials suspect the racket may be linked to a wider global cyber-fraud infrastructure targeting retail investors .