Delhi Police Cracks International Cryptocurrency Fraud Syndicate

The Intelligence Fusion and Strategic Operations (IFSO) Unit of the Delhi Police's Special Cell has successfully disrupted an international investment fraud syndicate. The operation, involving mule bank accounts and cryptocurrency transactions, led to the arrest of two individuals, one reportedly with ties to Chinese cyber networks. The investigation was triggered by an April 2, 2025 complaint from a Delhi resident, Ashok Kumar, who claimed a fraudulent loss of Rs 64.75 lakh.

Victims were enticed into investing in bogus initial public offerings and stock trading through a fictitious platform called Business Catalyst Market Ltd. Ashok Kumar transferred money into five separate accounts as part of the scam, authorities said. A case was subsequently filed under various sections of the Bharatiya Nyaya Sanhita (BNS).

Among the arrested are Vaddoriya Kewin Mukeshbhai, a 25-year-old BBA student from Surat, Gujarat, who had prior involvement in a digital arrest scam, and Abdul Barik, 32, from Roorkee, known for a past cybercrime charge. According to DCP IFSO Dr. Hemant Tiwari, IPS, the accused earned commissions in USDT, a stable cryptocurrency, via foreign wallets on Binance. The police confiscated six mobile phones loaded with Chinese apps and online wallets potentially used in cyber fraud. The investigation continues to track down additional accounts and accomplices domestically and internationally.

(With inputs from agencies.)