The Bengal Police cyber units have successfully dismantled an international investment fraud syndicate masterminded by a group of Indian chartered accountants based in Dubai. This elaborate fraud network is accused of defrauding individuals of a staggering Rs245 crore in just two months, marking one of the largest frauds of its kind.
In a significant breakthrough, authorities apprehended 17 individuals and uncovered 2,500 mule accounts linked to the scam. The operation had vast global reach, with activities spanning across India, Dubai, and Sri Lanka.
The syndicate’s primary modus operandi involved using mule accounts to place bets on online casino websites registered in Curacao, a Caribbean island nation. These transactions were routed through cryptocurrency exchanges in Sri Lanka, before being transferred to Dubai. Intermediaries based in Gujarat and Delhi played crucial roles in facilitating the process.
The fraudsters used hundreds of fraudulent bank accounts and SIM cards that had been issued without proper verification, further complicating the trail for authorities. According to Hari Kishore Kusumakar, Additional Director General (Cyber Crime), 704 mule accounts were actively involved in fraudulent activities.
The investigation also revealed that these accounts were tied to over 1,530 complaints from victims spread across 29 states in India.
The investigation began two months ago following a complaint from a victim in Bidhannagar, who had lost Rs1.1 crore to an investment fraud. The victim had been duped into downloading a counterfeit application from a phishing website that mimicked a legitimate Indian wealth management firm.
The authorities swiftly tracked the activities of the syndicate and, through extensive cyber forensics, were able to identify the web of fraudulent transactions and accounts involved.
The police made several arrests across multiple locations, including Muzaffarpur, a luxury hotel in Kolkata, and an office in South Kolkata. Among those detained was an employee of a private bank in Nagerbazar, Kolkata, who is believed to have facilitated the fraud.
Abhishek Bansal
Mayank Chaudhury
Amit Jindal
The trio reportedly conceived the scheme after meeting at a casino in Nepal, where they devised a plan to exploit online gambling and cryptocurrency for large-scale money laundering and fraudulent investment schemes.