Delhi Police Cyber Cell busted a major cyber syndicate with Chinese links, investigating a Rs 33.1 lakh online investment fraud. The probe revealed a network of shell companies and led to the arrest of key operators involved in the money trail.
Delhi Police Crime Branch Cyber Cell has busted a major cyber syndicate operating through multi-layered shell companies and cross-border financial channels linked to Chinese handlers, following the investigation into an online investment fraud case involving a 61-year-old senior citizen who lost Rs 33.1 lakh.
Investigation Uncovers Fake Firm
According to the release, the probe into E-FIR revealed that a significant portion of the cheated amount, Rs 10,38,000, had been routed to accounts linked to a fake firm, BELCREST INDIA PVT. LTD. The company was allegedly operated by Shivam Singh and Lakshay, who were identified as its key directors.
Key Arrests Made
Accused Lakshay was arrested on November 19, 2025. Police said he confessed to creating the fictitious company, opening multiple bank accounts, and handing over bank kits and SIM cards to co-accused Shubham and others in exchange for a monthly payment of Rs 20,000.
A series of raids was carried out across Delhi-NCR to trace Shubham, who constantly switched SIM cards to evade surveillance. Persistent tracking by the Cyber Cell led to his arrest from Tilak Nagar on December 6, 2025.
The police recovered one laptop, two mobile phones, five chequebooks and six debit cards during the operation.
Complex Laundering Cycle Exposed
During interrogation, Shubham disclosed that he operated under a handler who supplied him with third and fourth-layer shell company accounts. He also revealed that he regularly received USDT, cryptocurrency, from the handler, which he sold to a Chinese-controlled firm named Kool Pay.
As per the investigators, Kool Pay transferred funds from the first layer of beneficiary accounts to BELCREST-linked accounts, after which the money was circulated through several layers of transactions. The amount was again converted into USDT and resold to Kool Pay, creating a continuous cycle of laundering.
Accused Tried to Destroy Evidence
After learning about Lakshay's arrest, Shubham allegedly destroyed BELCREST chequebooks and broke the registered SIM card. The police have recovered the mobile handset used with the SIM.
Further investigations are still underway.
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)