Background and Timeline: On February 8, 2026, the Delhi Police announced the results of an investigation into a high-profile cyber-financial racket. The probe was initiated following an e-FIR registered on December 17, 2025, by a 56-year-old resident of Uttam Nagar who reported a massive loss. The module was unraveled over several weeks as investigators mapped a complex money trail that spanned 36 bank accounts.
Modus Operandi: Suspects induced victims to invest in bogus equity portfolios via fake trading portals and then rerouted funds through dozens of different bank accounts to obscure the destination. The proceeds were ultimately used to purchase USDT cryptocurrency on P2P platforms, which was then sold to Chinese nationals. This effectively laundered the proceeds into international digital assets and out of the reach of domestic banking controls.
Victims and Financial Impact: A single Delhi resident reported a direct loss of approximately ₹42.5 lakh in this specific module. Forensic analysis of the 36 bank accounts used by the syndicate suggests that the broader network has handled significantly larger sums across multiple states. The victim was systematically defrauded over several weeks as scammers used fake profit statements to build trust.
Investigation and Agencies Involved: The NR-I unit of the Delhi Police Crime Branch conducted the technical investigation, tracking the initial beneficiary account to Munirka village. Investigators reconstructed the layered fund movements and identified a shell entity used to move the proceeds. They utilized the NCRP portal to link suspect accounts to other complaints, revealing a highly organized pattern of cyber fraud.
Arrests and Suspects: Three primary accused individuals—identified as Sabbir Ahmed, Mohammad Sarfaraz, and Mohammad Dilshad—were arrested. Sabbir, who managed 10 bank accounts, revealed that he earned a 2% commission on cheated funds. The other two suspects admitted to links with Chinese handlers and revealed they arranged dummy candidates and facilitated USDT sales to international buyers.
Broader Implications and Trends: This case highlights a trend where domestic fraud operations serve as the “local front” for global cryptocurrency laundering networks. The conversion of cheated funds into crypto-assets makes it significantly harder for law enforcement to recover funds once they leave the banking system. The investigation underscores the need for tighter scrutiny of P2P cryptocurrency transactions involving international handlers.