New Delhi – In a major breakthrough, Delhi Police have successfully busted a cyber fraud ring busted operation that allegedly defrauded hundreds of Indian investors of approximately ₹250 crore over the past eighteen months. Three Indian men who adopted aliases from the popular Netflix series Money Heist were arrested for their role in facilitating an international cybercrime syndicate allegedly masterminded by Chinese nationals operating sophisticated fake online trading investment schemes.
Money Heist Characters Come to Life
The cyber fraud ring busted by investigators revealed an elaborate operation where suspects adopted fictional identities to communicate securely and evade law enforcement detection. The arrested individuals—Arpit Mishra, 25, a lawyer from Jaipur, Rajasthan; Prabhat Vajpayee, 22, an MCA postgraduate from Ghaziabad, Uttar Pradesh; and Mohammad Abbas Khan, 24, from Imphal East, Manipur—created a WhatsApp group using screen names from the iconic heist series.
Mishra operated under the alias “Professor,” while Vajpayee and Khan used “Amanda” and “Denver” respectively. Investigators revealed that another yet-to-be-identified absconding member used the name “Berlin” within the group. This theatrical approach to criminal operations demonstrated the syndicate’s calculated efforts to romanticize their illegal activities while maintaining operational security.
Elaborate Mule Account Network
The primary function of the cyber fraud ring busted by authorities involved arranging mule bank accounts to facilitate the movement of fraudulently obtained funds. According to investigating officers, the accused collected financial credentials from economically vulnerable individuals, creating a complex network of accounts through which cheated money was routed before eventual conversion into cryptocurrency.
“Their main job was to arrange mule accounts and transfer cheated money,” explained an investigating officer requesting anonymity. The suspects allegedly received commissions for their services in cash through hawala channels, an informal money transfer system operating outside conventional banking networks, making transaction tracking significantly more difficult for law enforcement agencies.
Victim’s Ordeal Triggers Investigation
The cyber fraud ring busted operation emerged from a complaint filed by Rohit, a 32-year-old Delhi government employee from Gokalpuri who was defrauded of ₹21.77 lakh through an elaborate fake trading scheme. Deputy Commissioner of Police (Northeast) Ashish Mishra revealed that the complainant was initially added to a WhatsApp group where fraudsters posed as representatives of a reputed financial services firm offering lucrative stock market tips.
“The accused convinced him to invest in a ‘Direct Market Account.’ Later, they froze his funds and demanded more money under the threat of forfeiture,” the DCP stated, explaining the extortion component that followed the initial investment fraud. This modus operandi proved effective in extracting substantial sums from victims who feared losing their initial investments.
Systematic Investigation and Arrests
Following the registration of a case at the northeast district cyber police station, a specialized team led by Station House Officer Rahul Kumar and Sub-Inspector Nandan Singh began intensive investigations. The cyber fraud ring busted effort involved tracing bank accounts where transferred funds landed, revealing they belonged to economically disadvantaged individuals who had been exploited by the fraudsters.
Investigators tracked phone locations to Noida Sector 49, where Vajpayee and Khan were apprehended on October 9. Police recovered significant evidence including 11 mobile phones, 17 SIM cards, 32 debit cards, and other incriminating materials. Subsequently, Mishra was arrested from Siliguri, West Bengal, on October 26, with three mobile phones and SIM cards seized from his possession.
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Direct Chinese Handler Connection
Interrogation of the suspects in the cyber fraud ring busted case revealed disturbing international connections. “Mishra’s interrogation revealed he was in direct contact with his handlers in China. Vajpayee and Khan lured poor people, kept them in hotels, and collected their financial credentials and OTPs, which were shared with the main fraudsters in China and Cambodia,” an officer disclosed.
This revelation exposed the transnational nature of the operation, with Indian operatives serving as ground-level facilitators for masterminds operating from Chinese and Cambodian territories. The sophisticated coordination between international handlers and local operatives demonstrated the evolving complexity of cybercrime networks.
Exploitation of Vulnerable Individuals
A particularly troubling aspect of the cyber fraud ring busted investigation was the exploitation of economically vulnerable individuals. The accused systematically targeted poor people, accommodated them in hotels, and extracted their banking credentials and one-time passwords under false pretenses. These individuals unwittingly became mule account holders, their financial identities weaponized for criminal purposes while they received minimal compensation.
Cryptocurrency Conversion Tactics
The cyber fraud ring busted case highlighted how modern cybercriminals leverage cryptocurrency to obscure money trails. Fraudulently obtained funds were moved through multiple mule accounts in a process called “layering,” designed to confuse investigators before final conversion into cryptocurrency. This digital asset conversion provided the syndicate with anonymity and made recovery of stolen funds exponentially more challenging for authorities.
Ongoing Investigation
With two accomplices still absconding, the cyber fraud ring busted investigation continues as authorities work to identify and apprehend remaining syndicate members. The case underscores the urgent need for enhanced cybersecurity awareness among potential investors and stronger international cooperation in combating transnational cybercrime operations targeting Indian citizens.
