Three accused linked to a cross-border fraud ring have been arrested for orchestrating a ₹250 crore fake online trading scam, using mule bank accounts and hawala channels for Chinese handlers. Police recovered phones, SIMs and debit cards during raids. Full details and police probe.
How the ₹250 Crore Online Fraud Was Executed Across India
Police have busted an organised cyber-fraud gang accused of duping investors across India of nearly ₹250 crore through fake online trading and investment schemes, arresting three members who adopted aliases inspired by the Netflix series Money Heist. Investigators say the ring was run for overseas handlers based in China and Cambodia, with the Indian operatives arranging mule bank accounts and routing stolen funds through multiple layers before converting them into cryptocurrency.
The arrested suspects are identified as Arpit Mishra (25), a lawyer from Jaipur; Prabhat Vajpayee (22), an MCA postgraduate from Ghaziabad; and Mohammad Abbas Khan (24) from Imphal East. Police allege the trio lured victims into WhatsApp groups posing as employees of a reputed financial services firm, convinced them to open “Direct Market Accounts”, froze funds, and then extorted further payments under threat of forfeiture. The gang used screen names such as “Professor”, “Amanda” and “Denver” to obscure real identities.
Investigators recovered a trove of digital and financial evidence during arrests: multiple mobile phones, SIM cards, debit cards and other incriminating material were seized. The probe was triggered after a complaint from a Delhi government employee who lost about ₹21.77 lakh to the scheme. Tracking phone locations and cross-checking transaction trails helped police trace two suspects to Noida (arrested on October 9) and one to Siliguri (arrested on October 26). Two accomplices remain at large as inquiries continue.
