India, Oct. 27 -- Seven people, including an MBA graduate, have been arrested for allegedly setting up fake firms and supplying mule bank accounts to cyber fraudsters to route over Rs.30 crore in proceeds of online fraud, Delhi Police said on Monday.

According to police, the accused were caught after a Delhi University student was cheated of Rs.6,450 while shopping through a social media page last month.

The accused have been identified as Gaurav Pandey, 24 -- an MBA graduate, Aditya Mishra, 23, Ayush Verma, 22, Abhishek Pal, 23, Himanshu Rana, 29, Rahul Kumar, 30, and Udit Pratap Singh Bhadauriya, 22.

Police said Pandey allegedly coordinated the supply of bank accounts to cyber fraudsters, while the others helped establish firms, arra...