Cryptocurrency Fraud Scandal: The Fall of Industrialist Pawan Ruia

Industrialist Pawan Ruia was arrested by West Bengal's Cyber Crime Wing for alleged involvement in a significant cryptocurrency-based fraud. The case pertains to multi-crore shell company fraud investigations. Police linked Rs 315 crore to his family, following 1,379 cyber fraud complaints nationwide. Ruia was found in Kolkata following court intervention.

Pawan Ruia, a prominent industrialist, was apprehended by the Cyber Crime Wing of the West Bengal Police on Tuesday. His arrest is linked to an ongoing investigation into a multi-crore fraud involving shell companies and cryptocurrency-enabled money laundering.

The arrest came shortly after the Calcutta High Court lifted interim protection for Ruia and his family, allowing law enforcement to proceed. The case exposes a large-scale cybercrime operation with national implications, involving Rs 315 crore routed through fraudulent accounts.

According to police and NCRP data, Ruia was associated with at least 1,379 cyber fraud cases, with Rs 93 lakh defrauded from a senior citizen via a fake investment scheme. Investigations are expanding to uncover the full extent of the network.

(With inputs from agencies.)