Delhi Police bust international scam linked to Cambodia, arresting three in a fake IPO scheme that defrauded investors of millions. The mastermind remains at large.
Introduction: Delhi Police have exposed a major international fraud, arresting three individuals in a fake IPO scheme with ties to Cambodia. The scam duped investors with promises of high returns, funneling stolen funds through a global network before converting them to cryptocurrency.
Delhi Police have successfully dismantled a sophisticated international racket that duped unsuspecting investors into pouring their money into fraudulent Initial Public Offerings (IPOs). The operation, which involved a Cambodia-based mastermind, was unearthed with the arrest of three individuals in Jhunjhunu, Rajasthan.
In a meticulously executed operation, Delhi Police apprehended three men—Anshu Jhajharia (24), Pramod Kumar (32), and Ankit Kumar (26)—believed to be key players in a criminal network that swindled large sums of money from victims under the guise of high-return IPO investments. The gang’s leader, who remains at large, is reportedly operating out of Cambodia. Authorities are now working closely with international agencies to track him down.
Providing insights into the gang’s deceptive methods, Deputy Commissioner of Police (Northeast) Joy Tirkey explained, “The accused exploited the growing interest in IPOs, enticing people with promises of hefty returns within a short period. Once the victims transferred their funds, the money was quickly moved to other mule accounts and withdrawn as cash through a hawala network. The cash was then converted into cryptocurrency via a handler based in Dubai, and the digital assets were funneled to the mastermind in Cambodia.”
The unraveling of this elaborate scam began in June when a man lodged a complaint at the Cyber Police Station (Northeast) in Delhi. According to the complaint, on May 21, the victim had joined a WhatsApp group after receiving an invitation through Instagram. Within the group, he was connected with a woman who posed as an employee of a legitimate firm.
“She convinced the complainant to invest in an IPO, assuring him of significant returns,” recounted a police officer involved in the case. “The man ended up investing ₹12.50 lakh, but when he sought his money or any documentation related to the issuance of shares, the IPO portal was suddenly blocked, leaving him empty-handed.”
In response to the complaint, a dedicated police team was quickly assembled under the leadership of Inspector Vijay Kumar, Station House Officer (SHO) of Cyber Police Station (Northeast). The team conducted a series of raids across multiple locations, ultimately leading to the arrest of the three suspects.
The investigation revealed a complex web of financial transactions designed to obscure the origins of the stolen money. The funds, initially moved through mule accounts, were laundered using a hawala network before being converted into cryptocurrency. The digital currency was then sent to the mastermind, who is believed to be orchestrating the scam from Cambodia.
Authorities are now intensifying their efforts to apprehend the elusive ringleader and dismantle the entire network. The case has highlighted the growing threat posed by international cybercriminals who exploit the anonymity of digital currencies and the global reach of social media platforms to perpetrate fraud.
As the investigation continues, police are urging the public to exercise caution when investing in IPOs or engaging in financial transactions through online platforms. This case serves as a stark reminder of the need for vigilance in an era where cybercrime is becoming increasingly sophisticated and transnational in nature.
The Delhi Police’s swift action in this case has not only prevented further financial losses but also underscores the importance of international cooperation in combating cybercrime. With the mastermind still at large, authorities are leaving no stone unturned in their pursuit of justice.
