The Delhi Police have arrested three alleged mule account operators from Gujarat, Rajasthan and Madhya Pradesh for facilitating the transfer of more than Rs 1.22 crore linked to separate cyber fraud cases involving fake IPO investments, digital arrest scams and forex trading frauds, officials said on Saturday.
The police said the arrests were made following investigations by the cyber cell and the Crime Branch into three cases where victims were cheated through fraudulent investment schemes run via social media groups, fake websites and impersonation.
In the first case, registered on May 30, 2025, a resident of Laxmi Nagar in East Delhi was allegedly duped of around Rs 46.66 lakh in a fake stock market and IPO investment scheme. Investigators traced Rs 6.71 lakh of the defrauded amount to a bank account linked to a Surat-based firm. The account’s authorised signatory, Rajesh Ratnabhai Hadiya, was arrested from Gujarat.
The police alleged that Hadiya provided the bank account on commission for routing fraudulent transactions. The account was also linked to three complaints on the National Cybercrime Reporting Portal (NCRP).
In the second case, registered on April 14, cybercriminals allegedly subjected a complainant to a prolonged “digital arrest” by impersonating officials from the Mumbai Crime Branch, Central Bureau of Investigation, Enforcement Directorate and the Telecom Regulatory Authority of India.
According to the police, the fraudsters used forged FIRs, fake Supreme Court and ED documents, fabricated arrest warrants and false allegations of money laundering linked to misuse of the victim’s Aadhaar details to intimidate the complainant.
“Fearing arrest, the victim transferred Rs 36.19 lakh into multiple bank accounts provided by the accused,” an officer said.
During the probe, the police traced Rs 5.90 lakh to accounts associated with a financial consultancy firm in Kota, Rajasthan. Musaveer Khan was arrested for allegedly operating multiple bank accounts to route cheated money in exchange for commission. The accounts were linked to four NCRP complaints, including the present case.
In the third case, registered in November 2025, a resident of Gagan Vihar Extension in Delhi was allegedly cheated of Rs 40.12 lakh in a fake forex trading scheme promoted through social media.
The police said the victim was initially allowed to make small withdrawals to build trust before being asked to deposit additional charges and taxes to release larger amounts.
Investigators traced Rs 8.82 lakh of the defrauded amount to the account of Shubham Rathore, who was arrested from Bhopal. The police said suspicious credits worth Rs 1.38 crore were detected in his account between October and November 2025.
The account was allegedly linked to 15 cybercrime complaints on the NCRP portal. During questioning, Rathore allegedly admitted that he had sold the bank account to another individual for Rs 50,000 on a commission basis.
The police said further investigation was underway to identify other members of the cyber fraud network.
