Cyber Fraud Gang Busted In Rajasthan's Bharatpur For Swindling Rs 400 Crore

(MENAFN- IANS) Jaipur, May 10 (IANS) The Bharatpur Range Police have uncovered a cyberfraud gang that swindled more than Rs 400 crore through fake online gaming and investment schemes, police said.

Inspector General of Police, Bharatpur Range, Rahul Prakash, on Friday, confirmed that a team from the Range Office successfully exposed the gang and initiated legal action against the accused.

Among those arrested are Ravindra Singh (54), son of Triloki Nath Singh, a resident of Ballia, Uttar Pradesh, currently living in Sector-17, Dwarka, New Delhi; and Dinesh Singh (49), son of Dina Nath, along with his wife Kumkum, also from Ballia, now residing in Mohan Garden, New Delhi.

Director General of Police (Cyber Crime) Hemant Priyadarshi revealed that a cyberfraud complaint regarding a Fino Payment Bank account was lodged by victim Hari Singh through the cyber helpline number 1930 at the Dholpur Cyber Police Station.

Upon analysing the complaint, the cyber team found that the same bank account had been flagged in nearly 3,000 other complaints -- a number that has now risen to more than 4,000.

Recognising the sensitivity of the situation, DGP Priyadarshi instructed the immediate registration of an FIR.

Bharatpur Superintendent of Police Mridul Kachawa assigned Inspector Mahendra Singh from the Range Office to lead the investigation, supported by Assistant Sub-Inspector Dinesh Kumar and Head Constable Jitendra Singh.

The investigation uncovered that Rs 35 lakh from the complainant's account had been funneled into four companies.

Bank accounts of these firms were frozen, with about Rs 4 crore currently held.

The gang lured victims via fake gaming apps and bogus stock market investment schemes.

In the past four months alone, transactions exceeding Rs 400 crore were recorded across various fraudulent accounts.

Investigators suspect the total fraud could surpass Rs 1,000 crore.

According to police, the ringleader, Ravindra Singh -- an MBA graduate -- is aided by his nephew, Shashi Kant Singh, an engineering graduate from Bamrauli, Prayagraj.

Shashi provided technical support for executing the fraud.

The gang used various payment gateways -- such as Fino Payment, Bookbox, PhonePe, Abu Dance Paymebat, Pay Wise, and Try Pay -- to funnel the funds.

They created shell companies with forged documents and used fake addresses, SIM cards, and identities.

Ravindra himself handled document verifications and reportedly engaged chartered accountants to give the operations a legal front.

Bank notices will be issued to determine how these fake companies cleared the verification process.

Legal proceedings are underway against all accused involved.

Ravindra Singh's strategy included identifying financially weak acquaintances and persuading them to open companies.

After obtaining key documentation -- such as PAN, GST, TAN, and CIN -- he registered the firms with the Ministry of Corporate Affairs.

While victims received minor monthly payments, the fraudsters retained complete control over the bank accounts.

The fraudsters then distributed fake investment and game links through social media, initially encouraging small investments that later escalated into massive financial losses.

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