Delhi Police Shuts Down Massive Crypto Laundering Syndicate Linked to Shell Firms

Delhi Police’s Cyber Cell uncovered a sophisticated laundering chain funneling victims’ money into shell accounts, converting it into USDT, and ultimately transferring it to foreign entities.

The investigation began after a 61-year-old investor lost Rs 33.1 lakh to an online scam. Police traced Rs 10.38 lakh directly through accounts linked to a fictitious company, Belcrest India Pvt. Ltd., revealing the depth of the syndicate’s operations.

Key arrests disrupted the core of the network. The syndicate had set up multiple fake companies and bank accounts, providing accomplices with banking kits and SIM cards to facilitate transactions.

The operation spanned several states, relying on a multi-layered structure to obscure the money trail. One key operative frequently changed SIM cards and locations to avoid detection. Authorities seized laptops, mobile phones, chequebooks, and debit cards, uncovering a web of accounts linked to numerous shell companies.

Funds from beneficiary accounts cycled through third and fourth-layer shell firms, then converted to USDT and sold to foreign entities. This continuous cycle made tracing money nearly impossible without forensic intervention.

Officials say the syndicate exploited gaps in digital monitoring, using fake firms, forged documents, and multiple bank layers to launder illicit gains. Deputy Commissioner Aditya Gautam called the operation a “major breakthrough in disrupting syndicates that exploit shell companies and cryptocurrency to move money abroad.”

The Delhi Police emphasized that this case demonstrates the rising complexity of online investment scams. Regulators and investors alike must remain vigilant as cybercriminals increasingly blend traditional banking channels with cryptocurrency to avoid detection.