The accused, Mohammad Asim Ali Khan of Uttarakhand and Rushikesh Jaywant Kamble of Maharashtra, allegedly worked as ‘professional account providers’ for organised cybercrime syndicates that lured investors into fake IPO funding and high-return stock market schemes.
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The Delhi Police have arrested two men accused of facilitating a multi-crore stock market fraud by providing their bank accounts to interstate cybercriminals, an official said on Friday.
The accused, Mohammad Asim Ali Khan of Uttarakhand and Rushikesh Jaywant Kamble of Maharashtra, allegedly worked as ‘professional account providers’ for organised cybercrime syndicates that lured investors into fake IPO funding and high-return stock market schemes.
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According to the police, the accused targeted the victims through social media groups and tricked them into downloading counterfeit trading apps. They then would convince them to transfer large sums of money, which the syndicates routed through multiple bank accounts to conceal the source of funds.
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“The syndicate blocked withdrawals whenever investors demanded their money back. Nearly ₹6.40 crore was siphoned off through this racket. These arrests have disrupted key financial channels used by cybercriminals to launder proceeds of fraudulent investment schemes,” an official said.
In one the complaints registered with the Special Cell, a victim alleged losing ₹5.93 crore. A probe revealed that the amount was funnelled through 33 first-layer accounts, including one belonging to Khan, which had processed ₹66 lakh.
His account was also linked to eight complaints filed on the National Cyber Crime Reporting Portal (NCRP).
In another case, registered at the Cyber East police station, a complainant reported being defrauded of ₹46.66 lakh. Investigations showed that Kamble’s accounts were among eight used to channel the money.
He allegedly facilitated transactions worth ₹6.71 lakh, and his two accounts were connected to 78 NCRP complaints.
During questioning, both accused admitted to repeatedly opening new bank accounts and handing over cheque books, ATM cards, internet banking credentials, and SIM cards to handlers in exchange for commission.
The police said these accounts played a crucial role in layering fraud proceeds and shielding the masterminds.
Investigators further revealed that Khan had previously been booked in a cybercrime case in Kurukshetra, Haryana, while Kamble was earlier implicated in a case investigated by the Cyber Crime Detective Department in Hyderabad.
Their background established them as repeat offenders and trusted facilitators, police added.
Several other accounts linked to the racket have now been identified. Authorities are working to freeze them and trace the handlers and additional suspects.
The officer said that the investigation into this case is ongoing by the team.
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