In a major breakthrough, the Cyber Crime Wing of West Bengal Police has taken action against an alleged large-scale cyber fraud network involving shell companies and cryptocurrency transactions. Industrialist Pawan Ruia was arrested on Tuesday near a hotel in New Town, on the outskirts of Kolkata.
The arrest follows a case registered at Bidhannagar Cyber Crime Police Station. Police initiated a suo motu case after uncovering links between multiple cybercrime investigations and financial transactions worth ₹315 crore. These funds were reportedly traced to bank accounts associated with shell companies and individuals connected to the Ruia family.
Earlier in the day, the Calcutta High Court vacated the interim protection granted to the accused and his family, allowing police to proceed with the arrest. In December last year, the court had granted anticipatory bail to Ruia, his son Raghav, and daughter Pallavi in connection with allegations of routing proceeds from online scams through their accounts.
Investigators stated that the case involves a fraud of nearly ₹93 lakh, where a senior citizen was cheated through a fake investment scheme run via a mobile application. The money was allegedly transferred through multiple shell company accounts.
“Investigations revealed that this is part of a large interstate cyber fraud racket with nationwide ramifications. The accused and his associates used layered banking channels and cryptocurrencies to siphon off and launder funds abroad,” a senior officer said.
Police data from the National Cyber Crime Reporting Portal shows links between the accused and at least 1,379 cyber fraud complaints across India. Over 100 complaints were reported from West Bengal alone.
Earlier, another accused, Rahul Verma, was arrested at Delhi airport in November 2025 while allegedly attempting to flee the country. He remains in judicial custody.
Authorities have also registered a separate case at Barrackpore Cyber Crime Police Station to investigate the wider network involved. Ruia is set to be produced before the Bidhannagar ACJM Court on Wednesday.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
