Kanpur | News Desk | The investigation into the high-profile ₹1,500 crore fraud involving investors in India and overseas has widened further. After the arrest of prime accused Ravindranath Soni, an FIR has now been registered against his divorced first wife, Swati. The case has been filed by the Kotwali police on the complaint of NRI Sandeep Pandey. Police officials say the entry of the Directorate of Enforcement (ED) into the case is now imminent, and a team of the agency may reach Kanpur soon.
New Front Opens After NRI’s Complaint
According to police, NRI Sandeep Pandey alleged in his complaint that he had invested 25 lakh dirhams (approximately ₹6.10 crore) in a blue-chip company linked to the accused. During 2022–23, the company’s financial condition deteriorated and the monthly returns promised to investors stopped. When investors approached the company’s office seeking a refund, Swati allegedly stepped in, assured repayment, and issued several cheques, all of which later bounced.
Allegations of Cheque Bounce and Cheating
Based on the NRI’s complaint, police have registered an FIR against Ravindranath Soni, his associate Suraj Jumani, and Swati under sections related to cheating and cheque dishonour. Investigators say written assurances and cheques were used to retain investor confidence, bringing the case within the ambit of organised economic crime, rather than a simple investment dispute.
₹1,500 Crore Web Uncovered After ₹42.29 Lakh Case
The larger scam came to light after police registered a case involving ₹42.29 lakh fraud in the Kotwali area and arrested Ravindranath Soni, a resident of Malviya Nagar, Delhi, from Dehradun. During interrogation, it emerged that Soni had created an investment network spanning Dubai, Sharjah, Malaysia, France and Japan. Given the scale and international links, a Special Investigation Team (SIT) was subsequently formed.
SIT Probe Flags Both Wives, Hints at Properties
During custodial interrogation, the SIT uncovered several new leads. Apart from first wife Swati, the name of Soni’s second wife also surfaced in the investigation. Officials say there are indications of multiple properties in the NCR region linked to Swati. Until now, no formal complaints had been filed against either wife. The FIR based on the NRI’s complaint marks the first criminal case against Swati in this matter.
Documents to Be Sent to ED, Report Nearly Ready
SIT officials said a detailed report for the ED is nearly ready. Some documents related to the newly registered FIR are still being collected, causing a brief delay. According to police sources, the FIR, supporting documents and investigation report are likely to be forwarded to the ED by Monday. This could pave the way for a deeper probe into money laundering, attachment of properties and scrutiny of cross-border financial transactions.
More Than 700 Investors Affected Worldwide
Investigations so far indicate that the accused and his network allegedly trapped over 700 investors through multiple schemes. Initial payments were made regularly to build trust, followed by inducement for larger investments. Eventually, payouts stopped. Police believe the operation may have followed a Ponzi-like model, with several layers of the scam yet to be uncovered.
What Lies Ahead
With the ED set to join the probe, investigations are expected to intensify into money laundering, benami assets and foreign fund transfers. Officials have said that strict legal action will be taken against all those found involved, and efforts will be made to explore recovery options for investors’ money.
