According to the police, the gang operated through shell companies and fraudulent bank accounts, offering commissions of up to ₹1.5 lakh for each fake account opened. The funds were allegedly funneled abroad and converted into cryptocurrency to conceal their origins.
Deputy Commissioner of Police (Crime Branch) Aditya Gautam said the investigation revealed that the syndicate operated from Noida and Gurgaon, under the direction of a Dubai-based handler known as “Tom.” The probe began after an FIR was registered on June 23, following multiple reports of financial fraud.
The Operation and Arrests
Using technical surveillance and digital forensics, investigators traced the suspects to a residential complex in Gurgaon. On October 27, a Cyber Cell team led by Inspector Sandeep Singh and supervised by ACP Anil Sharma conducted a coordinated raid, arresting three individuals — Manjeet Singh (28, Hisar), Manshvi (23, Sonipat), and Sombir (43, Bhiwani).
Police recovered 10 mobile phones, a laptop, and several cheque books from the flat. Further investigation led to the arrest of two more accused: Manish Mehra (33, Uttam Nagar, West Delhi) and Anup (35, Bijwasan, Southwest Delhi) — the latter a bank employee accused of facilitating the opening of fraudulent accounts and leaking sensitive information about account freezes and complaints filed on the National Cybercrime Reporting Portal.
A Well-Structured Fraud Network
Police said the syndicate was coordinated by two Indian nationals currently based in Dubai, who recruited operatives in India and assigned them specific roles via encrypted messaging platforms.
Each member played a distinct role:
• Manjeet Singh and Manshvi created shell companies and opened multiple current accounts used to channel defrauded funds.
• Sombir maintained financial records and regularly updated the Dubai-based handlers.
• Manish Mehra managed debit and credit transactions to enable smooth fund transfers.
• Anup, the bank employee, exploited his official position to open unverified accounts and provide insider information on banking operations.
During interrogation, the accused admitted to setting up three fake companies and opening eight current accounts under names such as Boldbridge and Excellencia. Funds stolen from victims were layered through several accounts before being converted into USDT (Tether) cryptocurrency, making the money trail difficult to trace.
Crypto Trail and Digital Evidence
“The use of cryptocurrency added a layer of complexity to the investigation, as it allowed the Dubai-based masterminds to receive money without direct banking connections,” said an investigating officer.
Police also recovered extensive digital evidence, including USDT wallet details, 274 PDF bank statements, and Telegram chat logs used for coordination. Preliminary analysis indicates the syndicate laundered money linked to at least 52 cyber fraud cases across 12 Indian states, including Tamil Nadu, Karnataka, Goa, Maharashtra, Telangana, Andhra Pradesh, Odisha, Uttar Pradesh, Himachal Pradesh, Punjab, Gujarat, Kerala, and Haryana.
International Links Under Scrutiny
Investigators believe that the Dubai-based handlers maintained operational control over the network and oversaw fund movements through cryptocurrency channels. Efforts are underway to identify and apprehend the overseas operatives.
“The syndicate’s structure allowed it to scale operations while minimizing exposure. We are working with cybercrime units and financial intelligence agencies to trace the cryptocurrency flow,” DCP Gautam said.
The arrested suspects are currently in police custody, and further investigations are ongoing to uncover the full extent of the syndicate’s financial network and international connections.
Tags:
Cybercrime
