‘Money Heist’-inspired ring busted; 3 held for ₹250 cr cyber fraud

Three Indian men posing as ‘Professor’, ‘Amanda’ and ‘Denver’ caught for aiding Chinese cyber fraud syndicate targeting investors.

Three members of an international cyber fraud syndicate allegedly operated by Chinese nationals have been arrested for duping hundreds of people across India of around ₹250 crore through fake online trading investment schemes over the last one and a half years, police officers aware of the matter said on Wednesday.

Police say suspects ran fake trading schemes for Chinese masterminds; funds moved through mule accounts and converted into crypto. (Getty Images/iStockphoto)

The arrested men, who named themselves after key characters from the Netflix series Money Heist, allegedly arranged mule bank accounts for their Chinese handlers to receive cheated money, which was routed through multiple accounts before being converted into cryptocurrency. Officers said the accused received commissions in cash through hawala channels.

The arrested suspects were identified as Arpit Mishra, 25, a lawyer from Jaipur in Rajasthan; Prabhat Vajpayee, 22,, an MCA postgraduate from Ghaziabad in Uttar Pradesh; and Mohammad Abbas Khan, 24, from Imphal East, Manipur. According to investigators, the three, along with two absconding accomplices, created a WhatsApp group to communicate securely and conceal their identities from law enforcement.

“Mishra used the screen name “Professor”, while Vajpayee and Khan took the names ‘Amanda’ and ‘Denver’. Another yet to be identified and absconding member used the name “Berlin” on the group. Their main job was to arrange mule accounts and transfer cheated money,” said an investigating officer, who requested anonymity.

Deputy commissioner of police (northeast) Ashish Mishra said the arrests followed an investigation into a case of extortion and cyber cheating filed by Rohit, a 32-year-old Delhi government employee from Gokalpuri, who was duped of ₹21.77 lakh through a fake trading scheme. “The complainant said the accused posed as representatives of a reputed financial services firm, added him to a WhatsApp group offering stock tips, and convinced him to invest in a ‘Direct Market Account’. Later, they froze his funds and demanded more money under the threat of forfeiture,” said the DCP.

A case was registered at the northeast district cyber police station, and a team led by station house officer Rahul Kumar and sub-inspector Nandan Singh began the probe. Investigators traced the bank accounts where the money was transferred and found they belonged to poor individuals who had shared their credentials with the fraudsters.

Police traced phone locations to Noida Sector 49, where Vajpayee and Khan were arrested on October 9, recovering 11 phones, 17 SIM cards, 32 debit cards, and other incriminating items. Mishra was later arrested from Siliguri, West Bengal, on October 26, with three mobile phones and SIM cards recovered from him.

“Mishra’s interrogation revealed he was in direct contact with his handlers in China. Vajpayee and Khan lured poor people, kept them in hotels, and collected their financial credentials and OTPs, which were shared with the main fraudsters in China and Cambodia,” an officer said.