Army veteran duped of Rs 41 lakh in gold trading scam; two held

Two fraudsters with alleged Chinese links were arrested in southwest Delhi for duping a retired Army officer of Rs 41.45 lakh on the pretext of high returns through digital gold trading, officials said on Saturday. The duo, identified as Indra Kumar Sahani (36) and Rahim Khan (24), ran a multi-layered cyber fraud operation, sourcing mule bank accounts and facilitating fund transfers to foreign handlers, they said.

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Deputy Commissioner of Police (DCP), Southwest, Surendra Choudhary, said, “Rahim Khan, the alleged key operator, was in contact with the Chinese nationals via a messaging application.” “He coordinated with account holders from across India, bringing them to hotel rooms in Ahmedabad where he operated the fraud network,” the DCP added. Choudhary said that Khan installed specific apps on devices linked to SIM cards registered with the bank accounts, giving foreign-based scammers remote access to the accounts for illicit fund transfers.

The fraud proceeds were allegedly converted into USDT, a cryptocurrency, and transferred abroad, evading the Indian enforcement agencies, he added. The DCP said that the case came to light when the complainant, a retired colonel residing in Vasant Kunj, was lured into investing via a fake online trading platform. “He was contacted on social media, where he was promised significant returns through gold trading in dollars. After initial deposits, his account on the fake site showed rapid profit accumulation, leading to further investments,” he added. The senior police officer further said the complainant invested Rs 41.45 lakh in total, believing his returns had grown to Rs 1 crore. But when he attempted to withdraw his earnings, he was instead asked to pay Rs 31.5 lakh more as taxes before the funds could be released, said the DCP, adding he then realised that he had been defrauded.

Based on the complaint, a case under relevant sections of the BNS was registered, the police said. The digital footprint of the accused was traced to Gujarat’s Ahmedabad city, they said. A raid was conducted at a hotel in Ahmedabad, leading to Sahani’s arrest and three smartphones with incriminating materials were recovered from him, the police said. Based on Sahani’s interrogation, the second accused, Khan, was arrested and two more phones were seized from his possession, they said.

Sahani initially opened a personal account, but he went on to open nine more current accounts seeing the financial benefits and sold them to the racket for commission, the police further stated. The case has helped crack a broader network of cyber fraudsters and account operators with transnational links, they said. Further investigation is on to identify more victims and collaborators.