Thane Cybercrime Unit Uncovers International Ring Using Fake SIM Cards for Share Trading Fraud

Thane, 19th July 2024: The Thane cybercrime unit, investigating an international ring involved in distributing counterfeit SIM cards for share trading frauds, has uncovered that the culprits used not only fake SIM cards but also a complex network of financial operations to transfer illicit funds to China, where the money was then converted into cryptocurrency.

The operation’s sophistication has alarmed investigators, who have noted the intricate and well-coordinated nature of the criminal network managing this extensive online scam. According to a senior police officer involved in the investigation, the syndicate comprised two key teams: one focused on acquiring fraudulent SIM cards and defrauding victims, while the other handled the movement of the stolen funds. Victims were manipulated into investing in trading scams, and their money was funnelled through bank accounts linked to the perpetrators.

During a recent search, police uncovered six debit cards and chequebooks associated with six bank accounts allegedly used by the suspects. “Initial findings suggest a sophisticated network of bank accounts was utilized to route the money, eventually reaching destinations like China via hawala channels. We are currently examining the financial trail, which appears extensive given the range of amounts defrauded—from thousands to crores,” the police officer reported. The laundered funds were dispersed into various accounts for security before being sent abroad to locations such as Cambodia, Dubai, and China.

The officer added that these illicit funds are converted into cryptocurrency, complicating efforts to track the embezzled money.