Delhi Police have arrested the alleged mastermind of a multi-state forex cheating syndicate that targeted traders, professionals and travel businesses by posing as high-value clients and film industry insiders.
The accused, identified as 31-year-old Krishna Kumar Sharma, was wanted in a Kolkata case where he allegedly fled with 15,000 US dollars and 1,000 euros, worth roughly Rs 14.5 lakh.
Deputy Commissioner of Police (Crime) Harsh Indora said Sharma ran a structured fraud operation that used fake identities, staged luxury meetings and involved multiple accomplices. “He lured victims with promises of big forex deals and sometimes posed as a film producer. Meetings were arranged in five-star hotels to make the setup look credible,” he said.
According to investigators, Sharma relied on a carefully choreographed routine. His nephew, Mayank and hired associates played the roles of support staff, bouncers and even makeup artists. Their job was to create the impression of a film crew engaged in large entertainment projects. Victims were told that the cash exchange needed to happen quietly inside hotel rooms. Once the victims handed over the dollars or euros, the group slipped out through side exits.
Police said the syndicate travelled frequently, changed phones and SIM cards after every operation, and kept chilli spray and chloroform with them as precautionary tools. Officers said Sharma remained mobile and careful, making him difficult to track. A Kolkata court had issued an arrest warrant for Sharma on December 6 in connection with the forex fraud reported there. The Delhi Police team began tracking him the same day based on technical inputs and local surveillance. Investigators traced him to Uttam Nagar in west Delhi, where he was apprehended after a short chase.
The arrest links him not only to the Kolkata case but also to earlier cases across Mumbai and Delhi. One of the most striking incidents on record is a 2024 case in Delhi, where a complainant carrying 25,000 USD alleged that he was “hypnotised” after Sharma offered him water from a bottle. The victim later discovered that the cash had disappeared.
Police said Sharma had worked in the event management industry before the pandemic. After suffering major financial losses, he turned to organised cheating and built a scam model that targeted people dealing in foreign currency. Officers say his approach capitalised on two elements, urgency and glamour. Victims were told that film producers or international buyers needed foreign currency urgently, and the upscale environment of hotel lounges helped create a false sense of safety.
Investigators are now examining his travel history, bank accounts, devices and past associates to check for more victims. Police believe several cases in different cities may be linked to the same syndicate.
