The Cyber Crime Wing of the West Bengal Police has uncovered a large-scale pan-India cyber fraud racket that allegedly siphoned off ₹317 crore from over 1,379 victims across the country. This breakthrough came during an investigation into a cybercrime case registered last year, in which a senior citizen from New Town lost ₹93 lakh.
Investigators traced the financial network behind the scam and discovered the use of 148 shell companies through which the defrauded money was channelled. A portion of the funds was allegedly converted into cryptocurrency to evade law enforcement. Based on these findings, high-profile search operations were conducted on November 6 at key locations in Kolkata, including the residence of industrialist Pawan Ruia, as well as premises linked to Ruia Centre and Dunlop Industrial Products Pvt Ltd.
According to the police, the case originated when a 65-year-old retired State Bank of India employee from New Town was added to an unknown WhatsApp group. He was persuaded to invest in stock trading schemes that promised high returns. The fraudsters posed as market experts and claimed to provide “expert guidance” to ensure large profits.
“To gain the victim’s trust, the accused developed a fake mobile application and website displaying inflated profits, and even sent small profit payments initially. Later, the victim transferred ₹93 lakh into several accounts between November 2023 and January 2024, and was cheated,” police officials said.
The case was registered at Bidhannagar Cyber Crime Police Station on April 3, 2024, under various sections of the Indian Penal Code. The Cyber Crime Wing took over the probe and later arrested an accused at Delhi Airport on November 1, while he was allegedly trying to fly to London via Dubai.
Further investigation revealed a well-organised cybercrime network with direct involvement in large-scale financial fraud. “Evidence shows that over 1,379 victims across India were cheated of approximately ₹317 crore. The funds were moved through numerous bank accounts of 148 shell companies, many registered at the same address, and later transferred into multiple mule accounts. A large portion was converted into cryptocurrency to hide it from authorities,” a senior officer said.
To streamline the cases, a consolidated suo motu FIR was filed at Barrackpore Cyber Crime Police Station on November 5 under relevant sections of the Bharatiya Nyay Sanhita and the Information Technology Act.
During the raids, police seized six mobile phones, foreign SIM cards, a MacBook, 10 laptops and hard drives, server units, Wi-Fi routers, pen drives, PAN cards, cheque books, and extensive records linked to the shell companies. Preliminary findings suggest that around ₹170 crore of the total fraud amount was converted into cryptocurrency. The investigation is ongoing.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
