A Delhi resident lost nearly Rs2.35 crore after joining a Facebook group that promised high-profit stock market and Forex trading opportunities. What began as an invitation to a “profitable trading community” turned out to be a major cyber fraud.
On Sunday, Delhi Police announced the arrest of two key facilitators—Sajjad Ahmad (35) and Uttam Mandal (40)—who allegedly supplied mule accounts to interstate fraud syndicates operating the elaborate investment scam.
According to the complainant, he was lured by individuals posing as expert Forex traders and added to a group that displayed fabricated profits. After he invested large sums, the fraudsters blocked withdrawals, made excuses, and even issued threats.
During the investigation, authorities identified that Rs20 lakh from the victim’s funds had been routed through a current account registered under M/s Chand Electronic, which emerged as a major conduit. Further probing uncovered at least 10 mule accounts used to divert and disguise the fraudulent proceeds.
Police called the arrested duo “professional account providers.” They supplied cybercriminals with bank accounts, cheque books, ATM cards, SIM cards, and login credentials, which were then used remotely to receive and transfer siphoned funds across India.
Officials said efforts are underway to identify the handlers behind the operation and trace the remaining money to ensure recovery.
