Vikas Dhaka, a resident of Balara, Sikar, was arrested by a special team of Jaipur police on charges of operating cyber fraud, crypto trading and a hawala network exceeding ₹100 crore.
According to the investigation, he converted more than ₹100 crore into digital currency over two years and routed it to a network in Dubai, transferring about ₹2 crore each month via hawala.
Method of fraud
The accused opened bank accounts using documents of poor people and rented out their QR codes to fraudsters and speculators. Funds deposited in these accounts were converted into various cryptocurrencies including USDT and sent to a network in Dubai, where they were liquidated as white money.
The investigation seized nine mobile phones, eight FinO payment debit‑card kits, nine UPI accounts and nine debit cards including a Google‑Pay scanner. Mobile forensics are ongoing.
- One of the three crypto wallets showed confirmed trading of ₹24 crore over the past two years.
- The other two wallets belong to separate companies; their transaction histories are being compiled.
Background of the accused
Vikas Dhaka worked in construction in Dubai from 2018 to 2022, during which he established contacts with several hawala‑cyber fraud syndicates. After returning to India, he operated this illegal network across various parts of Sikar for the past two years.
Next steps
Investigators are completing forensic analysis of the accused’s mobile and wallets and preparing a detailed report of financial transactions. A court hearing will be scheduled for further proceedings.