Daijiworld Media Network – New Delhi
New Delhi, Feb 15: The Delhi Police has arrested a member of an international investment fraud syndicate who was allegedly operating from Dubai and arranging mule bank accounts for the gang, an official said on Saturday.
The accused, identified as Rhonak Jagdish Bhai Thakkar, was apprehended from Mopa airport in Goa on February 5. He was wanted in connection with a case registered at the Crime Branch police station in 2024.
According to police, the case surfaced after a resident of Rajasthan’s Hanumangarh lodged a complaint alleging that he was cheated of Rs 61.72 lakh by fraudsters posing as representatives of M/s Globe Capital Market Limited. The victim was allegedly added to a group and persuaded to invest in the stock market through a fake mobile application. When he was unable to withdraw the invested amount and realised the app was fraudulent, he approached the police.
During investigation, the cheated amount was traced to bank accounts linked to shell entities, including Mahadev Enterprises in Gujarat’s Junagadh and New Sadiqueen in Srinagar, Kashmir. The funds were subsequently routed to multiple mule accounts across states, including Mumbai and Surat, Deputy Commissioner of Police (Crime) Aditya Gautam said.
The probe revealed a well-organised interstate network involving shell companies, forged MSME documents, fake rubber stamps and fraudulently procured SIM cards used to impersonate legitimate financial institutions.
So far, police have arrested 17 persons in the case and recovered 81 SIM cards, 24 mobile phones, forged stamps, MSME documents, cheque books, CPUs and other digital evidence.
Investigators found that SIM cards issued from Ahmedabad through a single point-of-sale vendor were misused in the operation. Simultaneous raids were conducted in Mumbai, Surat and Ahmedabad, leading to further arrests.
Police said the syndicate targeted victims through social media and messaging apps by promising high returns and exclusive stock tips. Victims were added to fake groups resembling reputed financial institutions, where fabricated success stories were shared to gain their trust. They were then made to install fake trading applications, after which funds were siphoned off through shell companies and mule accounts and allegedly diverted via cryptocurrency or hawala channels, suggesting international cybercrime links.
Thakkar was allegedly operating from Dubai and arranging mule bank accounts in India on commission for the syndicate’s kingpin, Krish Hasmukh Bhai Shah, who has been declared a proclaimed offender. Further investigation is underway to trace additional associates, money trails and international connections, police said.