Key Points:
Haryana MBBS doctor Ekant Yogdutt alias Dr. Morphine arrested at Delhi airport in ₹209 crore crypto investment fraud.
Police uncovered 835 linked bank accounts and ₹209 crore transactions across 290 accounts, amount may exceed ₹400 crore.
Fake crypto platforms promised high returns and routed money through layered transfers across India and abroad.
Poor individuals paid ₹8,000 to ₹10,000 monthly to rent bank accounts and ATM cards for mule transactions.
Racket used Telegram QR codes, foreign links including Philippines and Chinese contacts, more arrests expected.
In a major cybercrime crackdown, Jammu and Kashmir Police have busted a massive online investment fraud worth ₹209 crore and arrested nine accused, including the alleged mastermind, an MBBS doctor from Haryana, Ekant Yogdutt alias Dr. Morphine. He was apprehended at Indira Gandhi International Airport in Delhi while returning from China.
The case surfaced after a complaint by a resident of Ganderbal district, following which authorities formed a Special Investigation Team. With help from cyber experts, investigators tracked layered bank transactions, fake investment portals and digital trails that exposed the organized racket.
Police said the gang promoted bogus investment websites on social media and search engines, promising high and risk free profits through cryptocurrency and coin trading schemes.
Once victims invested money, the funds were routed into bank accounts opened across Budgam, Srinagar, Ganderbal and Baramulla and then rapidly transferred through multiple layers across states and abroad to hide the money trail.
Investigators have identified 835 linked bank accounts, with verified transactions of ₹209 crore in 290 accounts. Officials suspect the fraud amount could cross ₹400 crore as the probe expands.
Authorities have also started forensic analysis of digital evidence and initiated property attachment proceedings against the accused.
During interrogation, police found the main accused learned cyber fraud techniques while studying in the Philippines and later developed links with Chinese nationals.
The racket operated through local operatives in Kashmir who mobilized bank accounts and handled investor communication. A crucial part of the operation involved recruiting economically vulnerable people and paying them ₹8,000 to ₹10,000 per month to rent their bank accounts and ATM cards.
Investigators also suspect involvement of certain bank insiders who provided QR codes linked to these accounts, which were embedded into fake investment websites.
The group ran Telegram channels where new QR codes were regularly uploaded. Whenever cybercrime units froze an account, it was quickly replaced, allowing the fraud to continue without interruption.
Police said the module relied on digital layering, multi stage fund transfers and cross border money movement, reflecting the growing sophistication of cyber enabled financial crimes. Agencies are currently tracing international money trails and analyzing technical logs to identify more associates. More arrests are likely.
Authorities are proceeding under cybercrime, money laundering and criminal conspiracy laws as part of a broader crackdown on mule account networks and fake investment platforms.
(Rh/ARC)
