Lucknow | In a major breakthrough against cybercrime, the Delhi Police Crime Branch’s Inter-State Cell has uncovered a large-scale online trading fraud operating across multiple states, with losses exceeding ₹300 crore. Four key accused involved in running the scam have been arrested from Lucknow and Kolkata, officials said.
According to investigators, the cybercriminals lured thousands of people into fake online trading schemes by promising high and guaranteed returns. Victims were deceived through dummy trading apps, fake Telegram groups, and social media advertisements, creating the illusion of legitimate investment platforms.
How the scam operated
Police officials revealed that the accused used WhatsApp, Telegram, Instagram, and Facebook to circulate attractive advertisements promoting online trading and assured profits. Interested individuals were added to fake Telegram groups designed to appear as official brokerage communities.
Victims were then persuaded to download fraudulent trading applications that displayed manipulated dashboards showing false profits. To gain trust, small amounts of “profits” were initially shown or credited, encouraging victims to invest larger sums.
Once substantial money was invested, the accused demanded additional payments in the name of taxes, fees, or account activation charges. The funds were transferred into mule bank accounts, making recovery difficult.
Network of fake companies and bank accounts
The Crime Branch conducted a detailed financial investigation across more than 200 bank branches nationwide. It was found that the gang had floated 105 fake companies and opened over 260 bank accounts using forged documents and fake identities. These accounts were used exclusively to route money generated through cyber fraud.
Police teams later visited Kolkata to verify addresses and Aadhaar-linked details of the alleged proprietors, uncovering a well-organized and professionally managed network.
Arrests from Kolkata and Lucknow
On December 29, 2025, police arrested Biswajit Mondal (32) from the Belgharia–Barrackpore area of Kolkata. Several incriminating documents were recovered from his possession. During interrogation, Mondal revealed that he sold fake bank accounts and forged documents to Ashish Agrawal, another accused.
Subsequently, on January 1, 2026, Ashish Agrawal (35) was arrested from a hotel in Kolkata. His mobile phones and laptop contained crucial digital evidence related to the scam. He disclosed the names of two other associates—Rajib Shah and handler Shubham Sharma. Sharma was later arrested from Kolkata.
International links revealed
Further investigation led police to Lucknow, where Rajib Shah was arrested on January 6, 2026. Multiple mobile phones, laptops, cheque books, ATM cards, and SIM cards were recovered from him.
During questioning, Rajib Shah disclosed that the fake trading network had links to operators based in Cambodia. He revealed that the money obtained through fraud was routed abroad via cryptocurrency transactions. The network was reportedly active in eastern Uttar Pradesh, Kolkata, and Bihar.
Ongoing investigation
Police officials said efforts are underway to trace other members of the syndicate and identify overseas handlers. Further arrests are likely as authorities continue to analyze financial trails and digital evidence.
The case highlights the growing threat of cyber-enabled financial fraud and the need for public awareness against online schemes promising unrealistically high returns.
