Cyber fraud syndicate busted in ₹12.84 crore Hero FinCorp case, five arrested

The DelhiPolice’s Intelligence Fusion and Strategic Operations (IFSO) unit of the Special Cell has arrested five people, including a bank relationship manager, in connection with a cyberfraud in which ₹12.84 crore was siphoned from the corporate bank account of non-banking finance company Hero FinCorp Ltd.

The accused have been identified as Abhay Kumar Solanki, Lovely, Naman Kumar, Harman and Vikas. Police said their investigation has also uncovered links to Chinese groups operating on Telegram and a network through which part of the cheated money was allegedly converted into USDT and transferred to fraudsters based abroad.

The case was registered after Hero FinCorp reported that its HDFC Bank account had been subjected to a series of unauthorised debit transactions. According to the complaint, 317 transactions amounting to ₹12,84,09,997 were routed into 34 primary-layer bank accounts without the knowledge or consent of the company’s management.

An FIR was registered at the Special Cell police station on August 21 under Sections 308, 318(4), 319 and 340 of the Bharatiya Nyaya Sanhita.

The IFSO unit said its technical intervention helped place a lien or hold on ₹1.7 crore in the fraudulent accounts, preserving part of the cheated funds.

During the investigation, police analysed bank account details and mobile phone records linked to the transactions and conducted raids at multiple locations across the country, leading to the arrest or apprehension of the five accused.

Police said ₹60,000 was credited into Solanki’s account and subsequently withdrawn through an ATM. Lovely, 26, of Kurukshetra, Haryana, was the account holder of Property Gallery at Central Bank of India, Thanesar, into which ₹80 lakh was received. Investigators said he had opened the account after being lured by a man identified as Satyam of Cheeka, Kaithal, who remains absconding.

Mr. Naman Kumar, of Jaipur, was the account holder of Infirmity Services at Yes Bank in Jaipur, where ₹40 lakh was received. Police said around ₹70 lakh was also credited to his IndusInd Bank account, which is linked to 43 complaints on the National Cybercrime Reporting Portal from across the country.

According to investigators, Mr. Naman came into contact with Mr. Harman through a person identified as Mr. Vikas. Mr. Harman operated Mr. Naman’s IndusInd Bank account to receive and transfer the cheated money after an APK file was installed on Mr. Naman’s mobile phone. Mr. Naman was also introduced to a Delhi-based person identified as Mr. Sourav and subsequently travelled to Delhi, where he stayed at a hotel in Krishna Nagar and his Yes Bank account was operated using the same modus operandi.

Police said Mr. Harman, 24, of Bikaner, Rajasthan, was in contact with several Chinese groups on Telegram. He was also in direct contact with Devender Singh Chauhan of Udaipur, Rajasthan, who investigators said converted the cheated money into USDT and transferred it to fraudsters based abroad.

Mr. Harman had obtained and operated Mr. Naman’s bank account on commission. Police said he received about ₹1.5 lakh as commission from Mr. Chauhan.

Mr. Vikas, 30, of Jaipur, is an RBL Bank relationship manager, according to the police. Investigators found that he helped Naman open accounts with Yes Bank and IndusInd Bank and introduced him to Harman.

The police said cheque books, five mobile phones and rubber stamps bearing the name of Property Gallery were recovered during the investigation.

The IFSO unit said the syndicate was trans-State and involved the systematic laundering of proceeds of the alleged cyber fraud. Investigators have identified other suspected members in India and Dubai and further arrests are expected.

Further investigation is under way.