New Delhi: The Delhi Police has busted an investment fraud syndicate with the arrest of five individuals allegedly involved in operating a network of mule bank accounts used for cyber crimes, officials said on Saturday.
A team from the Cyber Police Station of the South-West District apprehended the accused, identified as Shridhar Dilip Ingle (25), Archiryan Goraksh Kamble (21), Ajij Miran Shaikh (25), Pranav Jalinder Guldagad (24) and Vishal Durgadas Bachal (25).
Police said six mobile phones used in the commission of the offence were recovered from their possession, along with details of 35 bank accounts linked to fraudulent transactions.
The case originated from a complaint lodged on September 4, 2025, on the NCRP portal by a man from Arunachal Pradesh who was residing in Delhi. He alleged that he had been duped into investing in the stock market through a purported firm named Next Billion Technology Pvt. Ltd.
According to officials, the complainant had opened an OTC account on July 7, 2025, after which he was contacted by a woman identifying herself as Parineeti Jain and her associates through multiple mobile numbers. They allegedly lured him with promises of high returns and persuaded him to invest money.
Acting on their assurances, the complainant transferred a total amount of Rs 12,22,670. It was later discovered that the company was fake and the entire operation was a fraud, following which a case was registered at the Cyber Police Station in the South-West District.
A dedicated police team comprising SI Sombir, HC Jitender, HC Sandeep and HC Mayurpal was formed under the supervision of Inspector Pravesh Kaushik, SHO of the Cyber Police Station, and overall supervision of ACP Sanghmitra.
During the investigation, officials carried out technical analysis, surveillance and examination of financial transactions. The money trail and digital evidence led investigators to suspects operating out of Maharashtra.
Shridhar Dilip Ingle was identified through technical surveillance, and a raid was conducted in Shrirampur, Maharashtra, leading to his arrest.
During interrogation, Ingle revealed that he was involved in selling mule bank accounts on a commission basis to an associate named Chaitanya, who is currently based in Dubai. He also disclosed that his co-accused assisted him in procuring such accounts from different individuals.
Subsequently, police conducted multiple raids at different locations, resulting in the arrest of the remaining accused -- Archiryan Goraksh Kamble, Ajij Miran Shaikh, Pranav Jalinder Guldagad and Vishal Durgadas Bachal.
Sustained questioning revealed that the accused were engaged in sourcing and supplying mule bank accounts to cyber fraud networks in exchange for commissions.
These accounts were obtained from individuals and later controlled or transferred for use in fraudulent financial transactions.
Police said the accounts were further shared with associates, including the Dubai-based contact, enabling large-scale cyber fraud operations. Preliminary analysis of the accounts indicates transactions worth several crores, with victims spread across multiple states and Union Territories.
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.