Inspired by Money Heist, 3 men in Delhi steal Rs 150 crore using stock market scam
The Delhi Police have arrested three men Arpit, Prabhat and Abbas accused of running a massive investment scam disguised as a stock trading venture. Investigators said the trio masqueraded as financial experts on social media, luring victims with promises of high returns from stock market investments. To execute their plan, the gang set up numerous social media and WhatsApp groups that appeared legitimate, offering regular stock tips and advice.
New Delhi: Inspired by the popular Netflix series Money Heist, a gang in Delhi orchestrated an elaborate scam to swindle nearly Rs 150 crore, with members adopting aliases from the show to conceal their identities. According to Delhi Police, the group also duped victims of another Rs 23 crore through online investment frauds.
The arrested suspects have been identified as Arpit, Prabhat and Abbas. Police revealed that the trio posed as financial experts on social media, promising lucrative stock market returns. "Arpit, a lawyer, became ‘Professor’; Computer Science Masters graduate Prabhat Vajpayee took the name ‘Amanda’ and Abbas took the name ‘Freddy,’” officials said.
How the scam worked
The gang created multiple social media and WhatsApp groups that appeared to offer genuine investment advice and stock tips. After building trust by showing small profits, they persuaded victims to invest larger sums. Once a significant amount was transferred, the victims’ accounts were blocked. Those attempting to withdraw funds were allegedly intimidated and forced to deposit more money. Over 300 people across India were reportedly cheated through this method.
Police said the gang often operated from luxury hotels, using only laptops and mobile phones to carry out the fraud. Raids were conducted in Noida (Uttar Pradesh) and Siliguri (West Bengal) as part of the investigation.
Items recovered and foreign links
Authorities seized 11 mobile phones, 17 SIM cards, 12 bank passbooks and chequebooks, 32 debit cards, and screenshots of online transactions and WhatsApp chats. An analysis of call records and internet logs revealed that the gang’s network stretched to Noida and Guwahati. Investigators suspect the involvement of Chinese nationals in coordinating the online fraud from abroad. Police believe the same group was behind another Rs 23 crore cyber scam and are now tracking additional members linked to the transnational fraud network.