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Economy, business and finance
An NBFC, 317 transactions & Rs 12.84 cr gone: Delhi Police uncovers cyber scam with China, Dubai links
Fraudsters siphoned off the amount from Hero FinCorp Ltd through unauthorised transactions on 21 August, police said. 5 held in raids across UP, Rajasthan, Haryana.
New Delhi: Delhi Police has uncovered a sophisticated cyber scam linked to an alleged cross-border network operating via Chinese groups on Telegram and a key handler based in Dubai. Fraudsters siphoned off nearly Rs 12.84 crore from top non-banking financial firm (NBFC), Hero FinCorp Ltd, through 317 unauthorised transactions on 21 August, the police said Wednesday.
Delhi Police’s Intelligence Fusion and Strategic Operations (IFSO) unit arrested five people in raids across Uttar Pradesh, Rajasthan and Haryana, including a private bank relationship manager who helped open mule accounts, police said.
They have been identified as Abhay Kumar Solanki, Lovely, Naman Kumar, Harman, and Vikas. Police are identifying other accused, and an investigation is underway to arrest those absconding.
The syndicate managed to siphon the funds through multiple layers of banking before converting a large portion into crypto and sending it abroad. Police said they have frozen Rs 1.7 crore so far as raids continue to track down the remaining suspects.
Police registered a case following a complaint by Hero FinCorp, a registered NBFC, through its authorised legal representative.
According to the complaint, the company discovered unauthorised debit transactions from its corporate bank account, following system alerts from HDFC Bank. The transactions were systematically carried out from the corporate bank account “without any form of authorisation, instruction, consent, or prior knowledge of the company management”.
A senior police officer said a total of 317 unauthorised digital transactions amounting to Rs 12,84,09,997 were routed into 34 distinct primary layer bank accounts.
IFSO registered a case under Bharatiya Nyaya Sanhita sections related to extortion, cheating, cheating by personation, forged documents or electronic records, and using them as genuine on 21 August. It also managed to put on hold an amount of Rs 1.7 crore in the fraudulent accounts to preserve the cheated capital.
A team was formed and they obtained and analysed details of the alleged bank accounts and mobile phone records involved in the scam.
Raids were conducted all over India, leading to the arrest of five people, police said.