Delhi Cyber Police arrest 4 in major online investment fraud case

New Delhi: The Delhi Cyber Police team arrested four individuals on Saturday in connection with an online investment scam.
The accused were responsible for arranging current bank accounts for scammers operating across the country.
According to an official statement, 72 complaints linked to the case were recorded on the Ministry of Home Affairs' NCRP portal.
Recently, there has been a surge in cybercrime, with a new trend in online investment fraud emerging. One such complaint was filed by Arjun Sethi, who lost approximately Rs 42 lakhs in an online investment scheme.
A team from the Delhi Cyber Crime Cell, South West District, swiftly arrested four suspects: Chetan Singh Ranawat, Nikunj Ashvinbhai Makvana, Aditya Sonkar, and Sumit Shaw, from Gujarat, Rajasthan, and West Bengal. The police also recovered five smartphones used in the alleged crimes.
Sethi, who works as DGM-IT in the engineering department of an international LLP, became a victim of the fraud after responding to an advertisement on Instagram on 10 January 2024. He was added to a WhatsApp group named "Vanguard Group 249" and convinced to invest around Rs 42 lakhs. When he attempted to withdraw his funds, the scammers demanded additional payments as "management fees" and taxes, refusing to return his investment. Realising he had been defrauded, Sethi filed a complaint on 10 March 2024.
Following a preliminary inquiry, an FIR was registered under sections 420, 419, and 120B of the IPC. The police employed a dual strategy in their investigation, focusing on money trails and technical leads. It was discovered that Sethi's funds had been transferred to eleven different bank accounts across various states.
"The team was tasked with following two strategies in the investigation: one to trace the money, and the other to pursue technical leads. During the investigation, the money trail revealed that the complainant's funds had been transferred to eleven bank accounts belonging to different individuals across various states. The banking data, along with registered phone numbers, email IDs, and IP addresses, were collected and analysed," read the official statement.
On 27 September, a police team led by Sub Inspector Jagdeep Nara conducted raids in Surat, Ahmedabad, and Kolkata to apprehend the suspects. During these operations, it was discovered that one of the suspects, Nikunj Ashvinbhai Makvana, had a bank account registered in his name in Surat, which was linked to the scam. "The current bank account of Shree Radhe Enterprise was opened with a GST number and Udhayam Certificate registered in the name of Nikunj Ashvinbhai Makvana, S/o Sh. Ashvinbhai, R/o GFL Plot No. 186, Pramukh Chhaya Society, A Canal Road, Puna Simada Road, Punagam, Surat, and Village Jatroda, District Amreli, Gujarat, Age-29 Years."
Based on technical leads and surveillance, Makvana was traced to Nikol, Ahmedabad. It was found that he had taken his bank account kit, along with the account-linked SIM and login credentials, to Chittorgarh, Rajasthan. Technical surveillance further led the police to Chetan Singh Ranawat, who was located in Chittorgarh.
Further investigation revealed that the suspects had opened multiple bank accounts and sold them to scammers for easy money.
"Makvana, who was not well educated and worked in a factory in Surat, had been providing these mule accounts to a group of people across the border via Telegram," the police stated.
As the investigation continues, authorities are urging the public to exercise caution when investing online to avoid falling prey to such scams.