3 min readNew DelhiNov 24, 2025 06:41 AM IST
First published on: Nov 24, 2025 at 06:41 AM IST
A multi-tier cybercrime syndicate comprising front-end fraud operators posing as investment consultants on social media and duping people — all under the guise of a non-banking financial company (NBFC) based in Mumbai. This investment fraud racket, which surfaced on the radar after a woman in the Capital was duped of almost Rs 6 crore, was busted recently, the Delhi Police said on Sunday. Four people have been arrested in the case.
The fraudsters allegedly approached people on Facebook, and funnelled money through a network of 33 bank accounts, said officers. Identified as Anas Ansari, Mohd. Kaif, Akib, and Md. Danish, the arrested accused were involved in operating mule accounts and facilitating money laundering for a Dubai-based handler.
“The investigation revealed that the accused were actively involved in providing multiple mule bank accounts and after obtaining these accounts, they conducted withdrawals and delivered cash to handlers on commission basis. The cheated funds were initially dispersed across 33 different bank accounts, followed by multiple layers of transfers to obscure the money trail,” DCP (Crime) Aditya Gautam said.
DCP Gautam added, “The accused are linked to 10 cybercrime complaints across India, with ₹1.1 crore traced in linked National Cybercrime Reporting Portal (NCRP) complaints.”
The victims were contacted on Facebook by fraudsters claiming affiliation with an NBFC named CBCX Global Traders, Mumbai, the police said. A non-banking financial company (NBFC) is a financial institution that offers bank-like services such as loans, credit facilities, and wealth management, but does not hold a full banking license.
“In the particular case where a woman was duped of Rs 6 crore, the complainant was induced to invest in fraudulent high-return trading accounts over two months,” a police officer said.
When Md Danish was arrested, said officers, he told the police that he was the one who arranged mule accounts for the Dubai-based handler and managed withdrawals and distribution of illicit funds to senior syndicate operators.
Anas Ansari and Mohd. Kaif, the police said, were the account providers who withdrew fraud proceeds and handed over cash on commission basis. “Anas provided his bank accounts to co-accused Danish and conducted withdrawals. Mohd. Kaif supplied multiple bank accounts used for receiving stolen funds and delivered cash to handlers for commission,” DCP Gautam said.
“Akib gave his for use in fraudulent operations. He shared OTPs and account access with handlers and received a share of proceeds.”
The fraudsters allegedly approached people on Facebook, and funnelled money through a network of 33 bank accounts. 
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