Crores Lost via Mule Accounts: Delhi Cyber Police Bust Investment Fraud Syndicate, Five Arrested

The South-West Delhi Cyber Police have dismantled a sophisticated investment fraud network that lured victims with promises of high returns, arresting five individuals involved in facilitating cyber fraud across India through mule bank accounts. The syndicate, primarily operated from Maharashtra, reportedly maintained links with Dubai-based associates.

Fraudulent Investment Scheme

The accused—Shridhar Dilip Ingle (25), Archiryan Goraksh Kamble (21), Ajij Miran Shaikh (25), Pranav Jalinder Guldagad (24), and Vishal Durgadas Bachal (25)—allegedly coordinated the use of bank accounts provided by unsuspecting individuals or coerced participants. These accounts were then used to transfer funds collected from victims across multiple states.

The case emerged after a resident of Arunachal Pradesh, currently living in Delhi, filed a complaint via the National Cyber Crime Reporting Portal (NCRP) on September 4, 2025. The complainant alleged being duped into investing ₹12,22,670 in a fake stock market company called “Next Billion Technology Pvt Ltd.” A woman identifying herself as Parineeti Jain and her associates reportedly contacted the victim, promising lucrative returns and persuading him to transfer money into accounts supplied by the accused.

Mule Accounts and Dubai Connection

Police investigations revealed that the syndicate relied on a network of mule accounts, which were provided on commission and often sourced from individuals deceived or incentivized to allow use of their bank accounts. One key associate, “Chaitanya”, based in Dubai, reportedly managed operations at an international level, coordinating funds transferred through these accounts.

Following technical analysis, surveillance, and financial tracking, authorities apprehended the main suspect, Shridhar Dilip Ingle, in Shrirampur, Maharashtra, and subsequently arrested the remaining four accused during coordinated raids.

Evidence and Ongoing Investigation

Authorities recovered six mobile phones and obtained records of 35 bank accounts connected to fraudulent transactions. Preliminary analysis indicates that crores of rupees were routed through these accounts, highlighting the scale and sophistication of the fraud.

The case underscores how cybercriminals exploit technological loopholes and banking systems to defraud unsuspecting investors. Investigators are now tracing additional links in the network, including the Dubai connection, which may uncover further international collaborations.

Authorities have cautioned the public to verify the legitimacy of investment opportunities and avoid transferring money to unknown platforms or individuals. Experts emphasize the importance of due diligence to prevent falling victim to such scams.