New Delhi, Apr 30 (PTI) The Delhi Police has busted an investment scam and arrested two people for allegedly cheating a local of Rs 1.60 lakh, as investigators link the accused to a wider cyber fraud network involving transactions worth around Rs 68 lakh across multiple states, an official said on Thursday.
The accused have been identified as Gurinder Sharma (25), a resident of Chandigarh, and Pradeep Kumar Doobe (31), who worked at a petrol pump in Chandigarh.
The case came to light after a Mandawali resident lodged a complaint on the National Cyber Crime Reporting Portal in November, 2025, alleging that he was duped of Rs 1,60,080 after being lured via social media into investing in a fictitious stock market scheme floated in the name of “Elara Capital Investment Company”.
The victim transferred the amount in eight transactions before realising he had been cheated. During investigation, police tracked the money trail and found that a portion of the defrauded amount was routed through a bank account in Chandigarh and withdrawn via ATMs.
“Through technical surveillance, call detail record analysis and coordination with banks, the accused involved in handling and routing the funds were identified and apprehended,” a senior officer said.
The police said the accused were part of a larger syndicate that targeted victims through social media by posing as representatives of a fake investment firm and convincing them to invest in bogus schemes. The funds were routed through mule bank accounts and merchant platforms to conceal their origin.
Gurinder Sharma allegedly acted as a mule account holder, allowing fraudsters to use his bank accounts to receive and transfer cheated money, which was further routed to handlers, including those suspected to be operating from abroad via encrypted platforms.
Pradeep Kumar Doobe allegedly facilitated the laundering of funds by routing money through a petrol pump’s merchant account and providing cash withdrawals after deducting commission, thereby helping in quick disposal of the proceeds.
Police said the accused were motivated by financial gains earned through commissions for enabling the transactions. Two mobile phones and three bank passbooks have been recovered from their possession.
The duo is also suspected to be linked with multiple cyber fraud cases reported in Himachal Pradesh, Andhra Pradesh, Punjab and Maharashtra, involving a cumulative amount of around Rs 68 lakh. PTI SSJ NB
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