NEW DELHI: The Inter-State Cell of the Delhi Police Crime Branch has arrested four persons in connection with a pan-India investment fraud racket, exposing a mule-account network linked to nearly 300 cybercrime complaints on the National Cybercrime Reporting Portal.
Police said the syndicate operated through multiple layers of mule accounts used solely to launder fraud proceeds. According to investigators, the complainant was contacted on WhatsApp by fraudsters posing as investment advisers and added to fake trading groups displaying fabricated profits. He was persuaded to download a bogus trading application named “CONIFER”, where an account was created without any genuine bank or demat linkage.
After being shown fake gains, the victim was induced to invest in a non-existent IPO of “Jayesh Logistics”, transferring Rs 27.20 lakh to multiple beneficiary accounts.