Delhi: Five arrested in social media investment fraud; police uncover bank employees' collusion
New Delhi: Delhi Police has arrested five people in connection with a large-scale social media investment fraud racket, uncovering a sophisticated network involving fake companies, mule accounts, and active collusion of bank employees, an official said on Wednesday.
The accused -- Rahul Kumar (32), Ajay Sharma (32), Sonu Kumar (36), Kunal Sagar (28) and Mohit Dadhich (27) -- allegedly lured investors through social media messaging application channels, promising high returns on fake investment schemes.
"One complainant was duped of Rs 4.80 lakh, while preliminary investigations revealed that over Rs 2.5 crore was routed through a single bogus account within two months," Deputy Commissioner of Police (Central) Nidhin Valsan said in a statement.
Police said the investigation began after a written complaint was received in March. The complainant stated she was allegedly approached by a woman identifying herself as Lalitha, who shared a fraudulent investment link. Small initial returns were shown to gain her trust before she was allegedly pressurised to transfer larger sums into multiple bank accounts.
Further investigation was launched and Rahul was apprehended. Rahul allegedly operated a fake company and provided banking facilities to fraudsters through forged PAN and Aadhaar cards. Ajay Sharma, his business partner and cyber cafe owner, allegedly helped create fake KYC documents. Sonu Kumar, a skating trainer, allegedly guided them in GST filings to manipulate financial trails. Kunal Sagar allegedly procured forged KYCs, opened multiple mule accounts, and coordinated transactions under instructions from a still-absconding mastermind, Amit Wadhwa.
The probe also revealed active collusion by bank employees. Mohit Dadhich, an official at a bank's RK Puram branch, was arrested for allegedly facilitating fraudulent account openings, bypassing KYC norms, and accepting bribes. Another employee, Abhishek, remains at large. Preliminary evidence suggests similar malpractices by staff at other banks, and inquiries are ongoing, according to the probe.
"Interrogations indicated a highly organised syndicate, comprising recruiters, forgers, account operators, and corrupt bank insiders. Insider help was crucial for bypassing KYC, layering proceeds, and evading detection," said the DCP.
The police said that further actions are underway, including tracing absconding accomplices, freezing and recovering funds, and forwarding evidence to the Reserve Bank of India (RBI) for regulatory action. The police also said that they have seized 14 SIM cards, four mobile phones, two laptops, 17 company seals, 11 debit cards, forged IDs, and digital evidence. Investigators also identified more than 250 mule bank accounts and 50 fake firms used in the fraud.
