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Delhi Police arrested five people in connection with a cryptocurrency scam that defrauded victims of more than $2.6 million using fake trading apps and WhatsApp investment groups that vanished once funds were transferred.
Investigators revealed that the suspects operated primarily through WhatsApp groups, where victims were approached via social media and invited to join exclusive “investment” communities.
Once inside, victims were guided to install fraudulent trading applications that appeared legitimate but were designed solely to steal deposited funds.
In multiple cases, victims were promised high and consistent returns—one of the classic hallmarks of crypto investment fraud—only to see their money disappear once they requested withdrawals.
Applications such as “Cventura” and “Verger” became non-functional shortly after funds were transferred.
Delhi Police confirmed that four of the detained suspects—Rajiv, Mohit, Rajbir Singh, and Monu Kumar—played crucial roles in managing mule bank accounts used to launder stolen funds.
These accounts allowed fraudsters to move money quickly and obscure transaction trails.
The investigation has revealed a well-organised network of cyber fraudsters operating across several states and using fake investment/stock trading WhatsApp groups, bogus mobile applications, and layered mule bank accounts opened through local agents on commission, said Aditya Gautam, DCP (Crime Branch), Delhi Police.
Authorities stated that crypto investment fraud operations often rely on such mule networks, making fund recovery and tracing significantly more difficult.
In one major case, a complainant reported losing Rs. 31.45 lakh after being persuaded to install the “Cventura” application.
The victim transferred funds across six separate transactions, only to find the WhatsApp group deleted and the app disabled when he demanded profits.
A second victim joined a WhatsApp group called “VIP 10 Stock Sharing Group” and was instructed to invest through the “Verger” app.
He transferred Rs. 47.15 lakh to nine different bank accounts before the group and application abruptly shut down—another clear instance of crypto investment fraud.
As investigations intensified, Delhi Police traced the stolen funds through numerous bank accounts before identifying transfers to a digital asset wallet.
Raids conducted in Ludhiana and Khanna, Punjab, uncovered additional evidence.
Police revealed that Rajiv, identified as a mule account holder, had received Rs. 6.45 lakh directly from the scam, with earlier transactions totaling nearly Rs. 1 crore before the account was deactivated.
Mohit allegedly opened a bank account in his wife’s name, through which transactions worth Rs. 3 crore passed in just 12 days.
Transactions of around Rs. 3 crore were conducted through his account within a short span, Gautam confirmed.
Further arrests included a suspect from Churu, Rajasthan, who arranged mule accounts for commission, and Rajbir Singh, whose account processed nearly Rs. 20 crore in transactions within three days.
Police also seized mobile phones, banking documents, and digital evidence linked to the crypto investment fraud operation.
Authorities emphasized that investigations are ongoing, with efforts underway to identify additional beneficiaries, dismantle the broader network, and locate more victims.
The case underscores rising concerns over crypto investment fraud in India, where scammers increasingly exploit messaging platforms, fake apps, and the allure of quick profits.
Law enforcement agencies continue to urge investors to verify platforms, avoid unsolicited investment groups, and report suspicious activity promptly.
