New Delhi: Delhi Police’s cyber cell has busted a multi-crore stock market scam, arresting two key suspects who were providing mule accounts to scammers. Authorities claimed to have disrupted two major money-laundering channels involved in pan-India stock market frauds and uncovered the “account provider networks” that enable large-scale cyber fraud. The syndicate cheated victims of over Rs 6 crores by luring them with false promises of “IPO funding” and high-return stock market investments through fake trading apps. The suspects have been identified as Mohammed Asim Ali Khan and Rushikesh Kamble. Khan facilitated fraudulent transactions worth Rs 66 lakhs via his bank account, which was linked to eight complaints. Kamble’s accounts were used for transactions up to Rs 6.7 lakhs, connecting to 78 National Cybercrime Reporting Portal (NCRP) complaints. Both suspects were previously involved in cybercrimes. Khan was linked to a case in Haryana while Kamble was an accused in a Hyderabad case. The suspects acted as professional account providers for organised cyber syndicates, opening multiple accounts and giving access to handlers. Their accounts played a crucial role in receiving, layering and circulating the proceeds of fraud across India, shielding the masterminds from direct detection. Victims were contacted via social media and WhatsApp, asked to join investment groups and download fake trading apps. Large sums were transferred into layered bank accounts. When victims requested withdrawals, the fraudsters resorted to deceit, threats and coercion. Mule accounts and accounts for hire are used to camouflage transactions and conceal the beneficiaries of criminal proceeds. The case highlighted how such accounts facilitate the movement of illicit funds across multiple accounts and financial institutions, disguising the origin and destination of money. By using such accounts, cybercriminals distance themselves from their illegal gains, making it difficult to track and recover funds. The accused are in custody, and investigators are unravelling the extent of the gang’s network.
