Six held in multi-state online stock scam targeting real estate developer

Six individuals have been arrested following a multi-state crackdown on a sophisticated cyber fraud syndicate that allegedly duped a real estate developer of more than Rs 3.7 crore through promises of high returns from an online stock market investment platform, police said on Wednesday.

The operation, conducted by the Intelligence Fusion & Strategic Operations (IFSO) unit of the Delhi Police Special Cell , exposed a well-organised network believed to be orchestrated by cybercriminals operating from abroad who used Indian associates to manage mule bank accounts and launder the proceeds across states.

The case came to light after Krishan Kumar , a New Delhi-based real estate developer, filed a complaint alleging that he was lured into investing approximately Rs 3.76 crore in what he was told was a legitimate online stock market investment with assured profits and professional trading guidance . When the promised returns failed to materialise and the platform proved fraudulent, Kumar approached police.

An e-FIR was registered under relevant sections of the Bharatiya Nyaya Sanhita on September 15, 2025 , and a detailed probe was launched. Analysis of financial transactions revealed that about Rs 10 lakh from the defrauded amount had been routed into a first-layer mule account held by Siblu Kumar , a resident of Navi Mumbai. Although initial searches in Mumbai did not yield results, technical surveillance eventually led investigators to Kota (Rajasthan) , where Siblu Kumar was arrested.

Investigators said Siblu Kumar’s cooperation helped police trace another accused, Wasim Ahmad of Moradabad, to Delhi’s Jangpura area. A raid at a property on Masjid Lane resulted in Ahmad’s arrest along with three associates - Rajesh Khan, Sahid Ali, and Mannu Issar. Another accused, Manish Kumar of Dwarka, who was allegedly involved in managing fraudulent proceeds and organising mule accounts, was also apprehended.

Authorities recovered nine mobile phones from the suspects containing detailed digital evidence of their activities. Forensic analysis reportedly revealed records of multiple bank accounts and communications used to execute and conceal the fraud.

Police said the syndicate targeted victims by promising exceptionally high returns , using fake investment platforms and advanced digital tools to build credibility. They added that the arrested individuals were primarily responsible for procuring and operating mule bank accounts , arranging SIM cards and mobile devices , and facilitating complex fund transfers to conceal the money trail across states.

The investigation remains ongoing as authorities work to trace the complete money trail and identify other facilitators and conspirators linked to the transnational racket.While the Delhi Police operation targeted this specific complaint, similar online investment frauds across India in recent months have shown a pattern of cybercriminals using WhatsApp, Telegram and social media to lure victims with promises of high returns , often leading to extensive financial losses before the scams are uncovered by authorities.