The Cyber Cell of the Delhi Police Crime Branch has dismantled a major cyber fraud syndicate operating across several states and linked to cross-border financial networks, officials said .
The breakthrough came during the investigation of an online investment scam in which a 61-year-old man was duped of Rs 33 lakh.
According to police, the probe into E-FIR No. 00031/2025 revealed that the cheated funds had been funnelled through multiple second-layer beneficiary accounts linked to a fictitious company, Belcrest India Pvt. Ltd.
Technical surveillance helped identify the key directors of the fake firm — Shivam Singh, a resident of Faizabad in Uttar Pradesh, and Lakshay, a resident of Delhi, the Delhi Police said in its press note.
Investigators found that Rs 10.38 lakh from the defrauded amount had been routed through Belcrest-connected accounts.
Lakshay, who was arrested on November 19, told interrogators that he had opened the bogus firm, created bank accounts, and handed over bank kits and SIM cards to co-accused Shubham and others in exchange for a monthly payment of Rs 20,000.
A team led by Inspector Ashok, Sub Inspector Bhagyashri, and Head Constable Dinesh carried out several raids across Delhi-NCR to trace Shubham, who frequently changed SIM cards to evade the police.
He was eventually arrested on December 6 in Tilak Nagar.
Police recovered a laptop, two mobile phones, five chequebooks, and six debit cards from his possession.
“During interrogation, Shubham reportedly disclosed that he worked for a handler who provided multiple third and fourth-layer accounts belonging to shell companies, including CSP24Seven Technologies, Levin Fintech, EKO India, Rinova Pvt. Ltd., Money Wave Pvt. Ltd., Easy Mudra Pvt. Ltd., and Lavi Software & Technology Pvt. Ltd,” the Delhi Police said.
He further admitted to receiving USDT cryptocurrency from the handler and selling it to “Kool Pay”, a Chinese-linked entity that allegedly played a central role in the laundering chain.
Police said the syndicate operated by moving funds from first-layer beneficiary accounts to Belcrest accounts, routing them through several shell firms, and converting the money into USDT before transferring it back to Kool Pay to keep the cycle running.
Police added that Shubham destroyed Belcrest chequebooks and broke the SIM card used for transactions after learning about Lakshay’s arrest.
