IIT-trained hacker arrested in Rs 22 lakh stock advisory scam linked to Cambodia cybercrime network

An IIT-trained “ethical hacker” and his associate have been arrested for their alleged involvement in a cross-border cybercrime racket that duped investors by posing as stock market advisors. The duo collected funds through a complex web of fake companies and cryptocurrency channels.

According to a report by The Times of India, the key accused, Girish Pandey, who completed a course from the Indian Institute of Technology, teamed up with Anvesh Makkhan, a physics graduate, to defraud victims of at least Rs 22 lakh. The two were reportedly operating under the direction of handlers from a Cambodia-based cybercrime syndicate.

Trading Advice as a Front

Pandey and Makkhan allegedly created fake stock advisory groups on Telegram and WhatsApp, offering fraudulent investment tips and luring victims to invest in fake IPOs and trading schemes. The collected money was routed through shell companies, and withdrawn using cooperative banks, offline RTGS transactions, and cryptocurrencies, including USDT (Tether).

“These two worked as money mules, collecting the proceeds of fraud and sending them to Cambodia,” a senior police officer told TOI.

The accused used fake identities and SIM cards to mask their activities but were eventually traced through cyber forensic analysis.

Sophisticated Multi-State Operation

In coordinated raids across Delhi, Aligarh, Udham Singh Nagar (Uttarakhand), and Kanpur, police arrested Pandey (31), Makkhan (32), and two other associates — Divyansh Chaudhary (34) and Avi Bansal (30).

The racket reportedly operated across several Indian states, using numerous bank accounts to layer and launder transactions. One of the firms used in the operation was identified as Bird Technology Pvt Ltd.

Police said Chaudhary managed Indian operations, providing bank accounts and onboarding victims for a 10% commission.

Use of AI and Crypto in Targeting Victims

The Cambodia-based cybercrime module is believed to have deployed AI tools to identify high-potential targets. These victims were added to advisory chat groups where they were manipulated using fake gain screenshots and testimonials, eventually persuading them to invest increasing amounts — in some cases, their entire life savings.

“They worked with Chinese nationals and Cambodian associates,” said a police officer. “Funds were collected through fake companies, cooperative banks, offline RTGS, and crypto transactions.”

The arrests were triggered by a complaint from a Delhi-based victim who lost Rs 22 lakh. Investigators tracked the trail through multiple mule accounts, eventually leading them to the North-East Delhi residence of one of the accused.

Police are now pursuing leads to identify and arrest other members of the international cybercrime network.

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