Cybercrime Busts Rs 317-Crore Fraud Linked to 148 Shell Companies

West Bengal Police's cybercrime wing has uncovered a Rs 317-crore fraud involving 148 shell companies, implicating businessman Pawan Ruia. The investigation revealed the use of cryptocurrency to conceal funds. Raids conducted at multiple sites confirmed Ruia's involvement, leading to further inquiries into his network.

The cybercrime wing of West Bengal Police has dismantled a Rs 317-crore online fraud connected to 148 shell companies, implicating businessman Pawan Ruia. Raids at the home and offices of Ruia, and his associates, exposed their alleged involvement in the sprawling racket.

The scam affected 1,379 complainants across West Bengal and India, tricking them out of the massive sum. Police revealed the funds were channeled through numerous bank accounts linked to shell companies with shared addresses, eventually reaching various mule accounts.

Investigations indicate approximately Rs 170 crore was converted into cryptocurrency to hinder asset tracing. An FIR was filed on November 5 at Barrackpore Cyber Crime Police Station, listing Ruia and his network, and prompting coordinated police raids across several business and residential sites.

(With inputs from agencies.)