Bengal Police bust Rs 317-crore cyber fraud linked to businessman Pawan Ruia
A suo motu FIR was registered at Barrackpore Cyber Crime Police Station on November 5. Following the complaint, police teams conducted coordinated searches at multiple locations, including 'Ruia Centre'
The cybercrime wing of West Bengal Police busted an online fraud worth Rs 317 crore involving 148 shell companies and raided the home and offices of Kolkata-based businessman Pawan Ruia for his alleged links to the racket, an officer said on Tuesday (November 11).
On November 6, police teams searched Ruia’s residence and offices, as well as those of several of his associates, after they were named in an FIR registered in connection with a nationwide cyber fraud case, the officer said.
A fraud nexus
The police action followed numerous online fraud complaints lodged across the country. During the preliminary investigation, police uncovered a nexus behind the nationwide online fraud and showed how the stolen funds were converted into cryptocurrency.
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"A meticulous investigation unveiled the direct involvement of a cyber fraud. Over 1,379 complainants across West Bengal and other parts of India were cheated of approximately Rs 317 crore," a police department statement read, dated November 10.
It further stated that "these funds were routed through numerous bank accounts of 148 shell companies, many of which shared the same registered address, and were subsequently siphoned off to various mule accounts".
Discussing the investigation further, the officer said, "Preliminary findings suggest that around Rs 170 crore of the diverted funds was converted into cryptocurrency in an attempt to prevent law enforcement agencies from tracing or freezing the assets."
Suo motu FIR
A suo motu FIR was registered at Barrackpore Cyber Crime Police Station on November 5. Following the complaint, police teams conducted coordinated searches at multiple locations, including 'Ruia Centre' in Park Circus, Dunlop Industrial Products on 129 Park Street, Berger House, and Ruia's residence in Ballygunge, an officer said.
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"The FIR names Ruia, members of his family, and close associates, noting that 11 directors linked to Ruia-controlled entities also hold positions on the boards of 186 other companies across India," an officer said.
(With agency inputs)