Five Arrested in Rs 12.84-Crore NBFC Cyber Fraud, Funds Converted to USDT

Delhi Police have busted a cybercrime racket allegedly involved in siphoning off Rs 12.84 crore from the corporate bank account of a non-banking finance company (NBFC) through 317 unauthorised digital transactions, arresting five people, including a bank relationship manager, officials said Wednesday.

The investigation also revealed the racket's alleged links with Chinese groups operating through Telegram. Police said part of the cheated money was converted into USDT cryptocurrency and transferred to fraudsters based abroad.

The case was registered on August 21 after the NBFC detected unauthorised debits from its corporate account through bank alerts. According to the complaint, 317 transactions totalling around Rs 12.84 crore were routed to 34 primary-layer bank accounts without the company's authorisation or consent.

Police said they managed to place a lien on about Rs 1.7 crore in the fraudulent accounts. The arrested accused have been identified as Abhay Kumar Solanki, Lovely, Naman Kumar, Vikas and Harman. Solanki's account received Rs 60,000, which was later withdrawn through an ATM.

Lovely allegedly operated a Property Gallery account in Kurukshetra that received Rs 80 lakh. Naman's accounts in Jaipur received Rs 40 lakh and another Rs 70 lakh. One of his accounts was linked to 43 complaints on the National Cybercrime Reporting Portal across the country, police said.

Harman allegedly operated Naman's account after an APK file was installed on his mobile phone and remained in contact with several Chinese groups on Telegram. Police said Devender Singh Chauhan of Udaipur allegedly converted the cheated money into USDT and transferred it to overseas fraudsters. Harman allegedly received around Rs 1.5 lakh as commission.

Vikas, a bank relationship manager in Jaipur, allegedly helped Naman open accounts in different banks and introduced him to Harman.

Police have identified other alleged members of the racket in Dubai and India and efforts are underway to arrest them. Five mobile phones, cheque books and rubber stamps of Property Gallery were also seized.