The Intelligence Fusion and Strategic Operations (IFSO) Unit of Delhi Police’s Special Cell has uncovered an international investment fraud syndicate operating through mule bank accounts and cryptocurrency payments, arresting two individuals, one of whom has links to Chinese cyber networks. According to a Delhi Police statement, the case emerged after Ashok Kumar, a Delhi resident, filed a complaint on April 2, 2025, reporting a loss of Rs 64.75 lakh. The victim was tricked into investing in fake IPOs and stock trading via a fraudulent platform named Business Catalyst Market Ltd. He was persuaded to transfer money to five separate accounts.

A case was registered under Sections 318(4), 319(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Among the arrested, Vaddoriya Kewin Mukeshbhai (25) from Surat, Gujarat, a second-year BBA student, had previously been arrested in a digital arrest scam in Maharashtra. Abdul Barik (32) from Roorkee, who has a prior cybercrime record, responded to advertisements offering commissions for providing bank accounts and SIM cards.

DCP IFSO Dr. Hemant Tiwari, IPS, stated that the accused were receiving commissions in USDT (a stable cryptocurrency) via foreign wallets on Binance, a global crypto exchange. Authorities seized six mobile phones containing Chinese apps and online wallets used in cyber fraud. The investigation is ongoing to uncover more connected accounts and accomplices both domestically and internationally.

On May 15, the Delhi Police IFSO Unit of Special Cell dismantled a network involved in supplying and using mule/fake bank accounts linked to the IVR scam (Digital Arrest scam). The accused operated mule accounts to transfer crime proceeds overseas. During the operation, Rs 2.2 crore, three mobile phones, SIM cards, and other digital evidence were recovered and returned to victims.

Separately, on March 15, 2025, the IFSO Unit received a complaint from a 92-year-old retired surgeon who reported receiving multiple unsolicited calls on March 12, 2025. The callers impersonated officials from the Telecom Regulatory Authority of India (TRAI) and Maharashtra Police, falsely claiming several FIRs had been filed against him.