Multi-state cyber syndicate with Chinese links busted; key accused held in Delhi

The Delhi Police has busted a multi-state cyber syndicate with suspected Chinese links that allegedly cheated a senior citizen of over Rs 33 lakh through an online investment scam, an official said on Sunday.

Police said a 61-year-old man has filed a complaint stating that he had been duped in a fraudulent digital investment scheme.

“Technical analysis revealed that the money had been routed through multiple layers of beneficiary accounts, eventually landing in the bank accounts of a fake private limited company,” a police officer said.

The officer further said two people linked to the fictitious firm were identified as Shivam Singh from Uttar Pradesh's Faizabad and Lakshay, a resident of Delhi.

“Lakshay was arrested on November 19. During interrogation, he admitted to opening a firm account on the instructions of co-accused Shubham and others. He told police he created bank accounts, procured SIM cards, and handed over bank kits for a monthly payment of Rs 20,000,” the officer said.

Police said a team carried out extensive raids in Delhi-NCR over several weeks to trace Shubham, who kept switching SIM cards to avoid detection. He was finally arrested in Tilak Nagar on Saturday.

“The team recovered a laptop, two mobile phones, five chequebooks, and six debit cards from his possession. During questioning, Shubham disclosed the syndicate's deeper financial network, which included multiple shell companies,” the officer said.

“He further claimed that he received USDT and sold it to a Chinese handler, creating a repeated laundering cycle,” the officer added.

USDT is a type of cryptocurrency, which is supposed to maintain a stable value pegged 1:1 to the US dollar.

Police said Shubham destroyed cheque books and broke the SIM card registered in the company's name after learning about Lakshay's arrest. Further investigation is underway.