A major cyber fraud investigation has revealed how 317 unauthorised transactions from Hero FinCorp Ltd’s corporate bank account were allegedly routed through a network of accounts, messaging platforms and cryptocurrency channels.
The Delhi Police Special Cell’s Intelligence Fusion and Strategic Operations (IFSO) unit said 5 key suspects have been arrested after coordinated raids across multiple states. Investigators traced nearly Rs 12.84 crore, of which Rs 12,84,09,997 was allegedly siphoned off and distributed across 34 bank accounts.
Police placed a hold and lien on around Rs 1.70 crore in suspected accounts.
Investigators identified Vikas, a Relationship Manager with RBL Bank in Jaipur, as a key facilitator. He allegedly helped co-accused Naman Kumar open accounts with Yes Bank and IndusInd Bank before introducing him to another operative, Harman. Police allege Harman managed Naman’s accounts for a commission of around Rs 1.5 lakh.
The probe found Rs 60,000 allegedly transferred to Abhay Kumar Solanki and withdrawn through an ATM. Around Rs 80 lakh was credited to an account opened by accused Lovely on the alleged instructions of absconding accused Satya. Naman’s Yes Bank account received Rs 40 lakh, while his IndusInd Bank account received nearly Rs 70 lakh.
An APK file was also recovered from Naman’s phone and is suspected to have been used in the movement of illicit funds. The IndusInd Bank account was reportedly linked to 43 complaints on the National Cyber Crime Reporting Portal.
The investigation also uncovered links to Chinese cybercrime groups through Telegram. Harman allegedly communicated with these groups and was in contact with Devendra Singh Chauhan in Rajasthan. Police allege Devendra converted the fraud proceeds into USDT cryptocurrency to facilitate movement outside India.
Naman’s Yes Bank account was allegedly operated from Hotel Nirvana Residency in Krishna Nagar, Delhi. Police recovered 5 mobile phones, a chequebook and a rubber stamp during the raids.
Investigators have identified more suspects in India and Dubai. Searches are continuing for those absconding as police work to establish the full money trail and the network’s international links.
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