Delhi Police have uncovered an alleged ₹3.93 crore cyber fraud involving 149 unauthorised transactions, suspected mule bank accounts, cryptocurrency conversions and possible hawala transfers. The investigation has led to seven arrests, while authorities continue to examine how the money allegedly moved through multiple financial channels.
The case is being investigated by the Intelligence Fusion and Strategic Operations (IFSO) unit of Delhi Police. According to the supplied report, approximately ₹1.78 crore has been placed on hold as part of efforts to trace and secure the suspected proceeds.
Investigators are examining the transaction trail to determine how the alleged fraud was carried out, who was involved and where the remaining funds may have gone.
149 Unauthorised Transactions Led to Investigation
The case centres on an account from which ₹3.93 crore was allegedly transferred through 149 unauthorised transactions. The report states that the associated first information report (FIR) dates to October 5, 2026.
Investigators are working to establish how access to the account was obtained, how the disputed transactions were initiated and whether the transfers were coordinated by multiple individuals.
Seven people have reportedly been arrested. However, the specific roles of the accused and the extent of their alleged involvement remain subject to investigation and legal proceedings.
Tracing a large number of transactions can require investigators to compare banking records, digital evidence and information about the recipients of funds. Establishing the complete sequence of transfers is important for identifying the alleged beneficiaries and assessing the extent of the financial loss.
Suspected Mule Accounts Under Investigation
A central element of the case is the suspected use of mule accounts. These are bank accounts used to receive, transfer or withdraw money linked to fraudulent or other unlawful activities.
Some account holders may knowingly participate in such arrangements, while others may be misled through fake job offers, commission promises or other forms of deception. The circumstances of each account holder therefore need to be examined individually.
In suspected fraud networks, money may pass through several accounts before reaching its final destination. This can complicate efforts to identify the original source, establish who controlled the funds and determine whether transfers were authorised.
Delhi Police are reportedly examining whether accounts linked to the investigation were used to distribute the allegedly stolen money before it moved through additional financial channels.
The presence of an account in a transaction trail does not automatically establish that its holder knowingly participated in fraud. Investigators must establish the relevant facts and any individual responsibility through evidence.
Cryptocurrency and Hawala Transfers Come Under Scrutiny
Investigators suspect that part of the money was converted into Tether (USDT), a cryptocurrency designed to track the value of the US dollar. Police are examining the alleged connections between bank transfers, cryptocurrency transactions and suspected hawala channels.
Cryptocurrency transactions can move between digital wallets quickly, including across borders. Depending on the blockchain and available records, transaction histories may help investigators follow the movement of funds and identify links between wallets. However, tracing a transaction does not necessarily establish the identity of the person controlling a wallet or prove criminal involvement.
Hawala is an informal value-transfer arrangement that relies on networks of intermediaries. While informal transfers are not inherently proof of wrongdoing, investigators may scrutinise suspected hawala transactions when examining alleged efforts to move or conceal illicit proceeds.
In this case, the precise relationship between the banking transactions, USDT conversions and alleged hawala activity remains under investigation. The final money trail will need to be established through financial records, digital evidence and other corroborating information.
₹1.78 Crore Reportedly Placed on Hold
Authorities have reportedly placed approximately ₹1.78 crore on hold as part of the investigation and recovery process.
Compared with the alleged fraud amount of ₹3.93 crore, this represents a substantial sum. However, placing funds on hold should not automatically be treated as completed recovery or the return of money to the affected account holder.
Investigators will need to establish the status of the remaining amount, determine whether further funds can be traced and identify the people who allegedly benefited from the transactions.
The investigation illustrates the importance of combining banking information, digital forensics and cryptocurrency transaction analysis when examining complex financial fraud cases. Appropriate financial investigation services may also be relevant to organisations examining suspicious financial activity or transaction irregularities.
How Individuals Can Protect Their Bank Accounts
The case is a reminder to exercise caution when dealing with unexpected financial requests or offers involving bank accounts.
Never allow an unknown person to use your bank account to receive or transfer money in exchange for a commission.
Do not share banking passwords, one-time passwords (OTPs), PINs or other authentication details.
Review account statements and transaction alerts regularly.
Contact your bank promptly if you notice an unauthorised transaction.
Preserve relevant messages, transaction references and other records when reporting suspected fraud.
People who discover suspected cyber fraud should report it promptly through official banking and cybercrime reporting channels.
What Happens Next?
Delhi Police are continuing to investigate the alleged ₹3.93 crore fraud, including the suspected use of mule accounts, cryptocurrency and hawala transfers. The reported arrests and funds placed on hold are developments in an ongoing investigation, not a final determination of guilt or recovery.
Further findings will be needed to establish how the transactions occurred, the roles of the accused and the ultimate destination of the money.