Kolkata, November 12: The Cyber Crime Wing of the West Bengal Police said on Tuesday it had uncovered a ₹317 crore ($38 million) cyber fraud involving 148 shell companies and raided the properties of industrialist Pawan Ruia for his alleged links to the scheme.
Police said the investigation revealed a large-scale online scam in which more than 1,379 people across West Bengal and other parts of India were defrauded. “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 ₹317 crore,” the police said in a statement issued on Monday.
According to investigators, the funds were funneled through numerous bank accounts belonging to 148 shell companies, many of which shared the same registered address, before being transferred to various “mule” accounts. Preliminary findings also suggest that about ₹170 crore of the siphoned amount was converted into cryptocurrency to prevent law enforcement agencies from tracing or freezing the assets.
A suo motu First Information Report (FIR) was registered at the Barrackpore Cyber Crime Police Station on November 5, police said. The FIR names Ruia, his family members, and close associates, noting that 11 directors linked to Ruia-controlled firms also hold positions on the boards of 186 other companies across India.
Police conducted coordinated searches last Thursday at multiple locations, including Ruia’s residence in Ballygunge and several of his business premises — ‘Ruia Centre’ on Syed Amir Ali Avenue in Park Circus, Dunlop Industrial Products Pvt. Ltd. on Park Street, and Berger House under the Park Street police station.
Authorities said the investigation into the financial trail and cryptocurrency transactions is ongoing.
