Mastermind of inter-state forex fraud syndicate held

The Crime Branch of the Delhi Police has arrested the alleged mastermind of a sprawling forex exchange fraud syndicate operating across several states. Accused Krishna Kumar Sharma (31) was arrested from Kiran Garden in Uttam Nagar following a coordinated operation by the WR-II unit.

Sharma, originally hailing from West Bengal, had been on the run and was wanted in a major cheating case registered at Shakespeare Sarani police station in Kolkata, where he allegedly duped a victim of USD 15,000 and Euro 1,000, totalling to around Rs 14.5 lakh.

A warrant for his arrest was issued by the Chief Judicial Magistrate, Kolkata, a day before he was captured.

According to the Crime Branch, Sharma headed a sophisticated cheating network that targeted forex traders and businesspersons by posing as a film industry professional.

Investigators said Sharma projected himself as a film producer and businessman, claimed access to Bollywood stars and booked luxury hotel rooms to gain victims’ confidence.

He would then orchestrate staged meetings in five-star hotels, where his associates, including bouncers and makeup artists, played supporting roles to make the setup appear authentic.

During these meetings, the victims were lured into handing over large amounts of foreign currency on the pretext of high-value exchanges. The gang would then flee with the money through hotel back exits.

The group is believed to have cheated several travel firms and forex operators across India, with most transactions routed through cash payments, multiple phones and apps like Zangi.

Sharma was also involved in a 2024 case in Delhi, where a complainant alleged that he was drugged and robbed of USD 25,000 at Connaught Place. He was arrested in that case and is currently on court bail.

A team led by Inspector Satish Malik and supervised by ACP Rajpal Dabas used technical surveillance to track Sharma’s movements before laying a trap and arresting him on December 6.

The police said Sharma holds a BCom (Hons) degree from Calcutta University and previously ran an event and celebrity management company. After suffering business losses during the pandemic, he allegedly turned to organised fraud.

The Delhi Police have linked him to at least five previous criminal cases in Delhi, Mumbai and Kolkata.