Indian police have arrested six suspects in connection with a ₹20 million (US$230,000) online investment scam that targeted a retired Indian Air Force officer. Investigators believe the group was part of a larger Dubai-based cybercrime network.
According to police, the fraudsters lured victims through fake WhatsApp investment groups impersonating well-known companies and a bogus investment app promising high returns. When victims attempted to withdraw their profits, they were told to deposit even more money to unlock their accounts.
The stolen funds were allegedly transferred through multiple bank accounts opened by the suspects before being sent to the Dubai-based syndicate.
The six suspects were arrested in Ghaziabad, Bahadurgarh, and Delhi. Police said two of them were responsible for providing shell company bank accounts to the overseas criminal network, earning commissions for each transaction. Investigators also uncovered a rented apartment that was allegedly used to create fake companies, forge documents, and open bank accounts for the scam.
During the operation, authorities seized three laptops, 16 mobile phones, 90 bank cards, 42 cheque books, 33 SIM cards, company seals, and a passport.
Police believe one of the key suspects had traveled to Dubai frequently over the past four years and had supplied more than 200 bank accounts to the overseas fraud ring.
The investigation is ongoing. Authorities are tracing the money trail and have already linked the recovered bank accounts to at least 12 cyber fraud cases across India.
Investor Alert
This case highlights how cross-border investment scams use fake investment groups, fraudulent trading apps, and mule bank accounts to steal investors' money. Investors should avoid platforms promising guaranteed returns or requiring additional deposits before processing withdrawals, and always verify that a broker is regulated before investing.
