New Delhi, Sep 28
In a major breakthrough against cyber-enabled financial fraud, the Delhi Police Crime Branch's Cyber Cell has arrested a key accused linked to a pan-India crypto investment racket that defrauded a victim of nearly Rs 34 lakh, police officials said on Sunday.
Officials said the accused, Naresh Kumar of Haryana's Karnal, was apprehended for acting as a professional "account provider" to organised cyber fraud syndicates operating under the name Coin-Ex Crypto Trading.
According to Delhi Police, Naresh Kumar had opened and maintained 10 current accounts in different banks - including Union Bank of India, Axis Bank, Punjab National Bank, RBL, AU Small Finance Bank, IndusInd Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, and IDBI - in the name of Naresh Tractor Workshop.
"By luring investors with false promises of crypto trading and high-return schemes, the syndicate defrauded a victim of nearly Rs 34 lakh. This arrest has exposed the deep nexus of organised cyber fraud and disrupted crucial financial pipelines misused to cheat unsuspecting persons across India," the Delhi Police said in its press statement.
He allegedly handed over cheque books, ATM cards, SIM cards, and internet banking credentials to his handlers in exchange for monthly payments of Rs 30,000 per account.
When victims sought withdrawals, the syndicate allegedly resorted to deceit and threats, while layering money through multiple accounts to conceal its origin. A probe has so far traced Rs 9 lakh across several accounts.
Police said the accused's IndusInd Bank account alone has been linked with 13 NCRP complaints.
Despite repeated red flags, he continued supplying accounts for fraudulent transactions, exposing the deep nexus between account providers and interstate cyber gangs.
During interrogation, Naresh Kumar admitted to being a professional "account holder" for such syndicates, enabling masterminds to remain anonymous while defrauding unsuspecting investors.
The case is registered under FIR No 00002/2025 (600000037/2025), dated June 5, at PS Cyber Police Station Central, Delhi, under relevant sections of the Bharatiya Nyaya Sanhita (BNS).
Further investigation is underway to identify other members of the syndicate and trace the remaining funds, said DCP Aditya Gautam.
— IANS
Reader Comments
Rs 30,000 per month for selling your bank accounts? How greedy can people get! This Naresh Kumar deserves strict punishment. Hope they recover all the money for the victims.
As someone working in banking, I'm concerned about how 10 accounts across different banks went unnoticed. Banks need better monitoring systems to flag such suspicious activities. The system failed here.
People need to understand - if returns sound too good to be true, they probably are! Crypto trading is risky enough without these fraudsters. Stay safe everyone, do proper research before investing.
This is just the tip of the iceberg. There are hundreds of such frauds happening across India daily. Hope this arrest leads to more masterminds being caught. The real culprits are still out there.
While I appreciate the police action, I wish they were more proactive rather than reactive. So many complaints were filed before they took serious action. Prevention is better than cure.
These frauds are destroying people's lives and trust in digital payments. Government should run awareness campaigns about such scams. Many educated people also fall for these traps. 😔
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