Delhi Police has arrested an alleged member of an international investment fraud syndicate who was operating from Dubai and arranging mule bank accounts for the gang, officials said on Saturday.
The accused, identified as Rhonak Jagdish Bhai Thakkar, was apprehended at Manohar International Airport on February 5. He was wanted in connection with a 2024 case registered at the Crime Branch police station.
The case surfaced after a resident of Hanumangarh lodged a complaint alleging he was cheated of Rs61.72 lakh by fraudsters posing as representatives of Globe Capital Market Limited.
According to investigators, the victim was added to an online group and persuaded to invest in stocks through a fake mobile trading application. When he was unable to withdraw his funds and realised the platform was fraudulent, he approached the police.
Shell Firms and Mule Accounts
During the probe, authorities traced the defrauded amount to bank accounts linked to shell entities, including Mahadev Enterprises in Junagadh and New Sadiqueen in Srinagar.
The funds were subsequently transferred across multiple mule accounts in different states, including Mumbai and Surat, said Deputy Commissioner of Police (Crime) Aditya Gautam.
Police uncovered a well-organised interstate racket involving shell companies, forged MSME certificates, fake rubber stamps, and fraudulently obtained SIM cards used to impersonate legitimate financial institutions.
So far, 17 individuals have been arrested in connection with the case. Authorities have seized 81 SIM cards, 24 mobile phones, forged stamps, MSME documents, cheque books, CPUs, and other digital evidence.
Investigators also found that several SIM cards were issued from Ahmedabad through a single point-of-sale vendor. Coordinated raids in Mumbai, Surat, and Ahmedabad led to further arrests.
Police said the syndicate lured victims through social media and messaging apps by promising high returns and VIP stock tips. Fake groups resembling reputed financial institutions were created to build credibility using fabricated testimonials.
Victims were instructed to install bogus trading applications, after which funds were routed through shell firms and mule accounts before allegedly being diverted via cryptocurrency or hawala channels, pointing to international cybercrime connections.
Investigators allege that Thakkar operated from Dubai, arranging mule accounts in India on commission for the syndicate’s alleged kingpin, Krish Hasmukh Bhai Shah, who has been declared a proclaimed offender.
Further investigation is underway to track additional accomplices, money trails, and overseas linkages.
