Mule Account Providers Held in Delhi as Police Probe ₹23.5M Forex Fraud

The Cyber Crime Branch of Delhi Police has arrested two men accused of supplying bank accounts to cybercriminals involved in a large-scale online investment fraud. Investigators said the duo opened multiple accounts using forged documents and handed them over to scam networks, which later siphoned off ₹23.5 million from a victim lured through a manipulated forex trading platform.

The victim was first approached on Facebook with promises of lucrative returns and added to a fake “investor community group” to build credibility. A fabricated trading dashboard was then used to display false profits, convincing the victim to transfer large sums. When he attempted withdrawals, scammers stalled him with excuses ranging from tax clearance requirements and system errors to threats and intimidation.

Officials said the arrested men acted as professional account facilitators, earning commissions per account. Beyond opening accounts, they provided full banking kits, including cheque books, debit cards, passbooks, SIM cards, and login credentials, allowing fraudsters to operate remotely without identity checks. 

Deputy Commissioner of Police Aditya Gautam confirmed the arrests of Sajjad Ahmad and Uttam Mandal, both Delhi residents. The pair had recently opened a current account under the name “M/s Chand Electronics,” which was handed to a handler linked to a wider cyber syndicate spanning multiple states. Preliminary findings suggest the account was used to route proceeds from forex and high-return investment scams. 

Police believe the duo were part of a layered ecosystem involving social media scouts, fake call centres, mule account providers, and crypto fund launderers. Investigators suspect more operatives across Delhi, Uttar Pradesh, West Bengal, and Northeast India, noting that much of the stolen money was quickly converted into cryptocurrency and moved to offshore wallets.

Authorities have urged citizens to remain alert to online investment ads, unregulated forex schemes, and unsolicited profit offers on social media. Police warned that renting, selling, or sharing bank accounts and SIM cards is a criminal offence, and even unwitting involvement may lead to imprisonment under cybercrime and money laundering laws.

In October, Indian authorities also arrested mule account suppliers in separate trading scams linked to “Navuma 915 Insights Stocks” and “HEM‑Securities.”

In a separate operation this week, Delhi Police dismantled a Dubai-linked investment fraud syndicate and arrested 4 suspects operating mule accounts and facilitating money laundering.