‘Fake investment consultants targeted Facebook users’: Cybercrime racket linked to fraud worth crores busted, 4 held

“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.”