Authorities have tightened the legal noose around a gang accused of defrauding investors of crores of rupees by promising high returns through cryptocurrency and share trading schemes in Uttar Pradesh’s Sitapur. Investigators have begun identifying and attaching properties allegedly purchased using the proceeds of the crime.
As part of the latest action on Wednesday, land worth around ₹1 crore in Unnao district and a luxury car valued at ₹30 lakh were attached. With this move, the total value of assets seized in the case has reached ₹5.11 crore so far.
The case surfaced after Sitapur resident Virat Rathore lodged a complaint alleging that a company had persuaded people to invest large sums of money by promising lucrative profits through crypto investments and share trading, but later stopped returning the funds.
Based on the complaint, a case was registered against Jaiprakash Maurya, his wife Asha Devi, Devendra Maurya, Dayashankar Maurya, and Deepika Maurya, among others. They are accused of orchestrating an organised scheme that allegedly defrauded investors of around ₹50 crore.
Properties traced in Unnao and Sitapur
During the investigation, authorities began tracking properties allegedly purchased using the illicit proceeds of the fraud. In this process, a parcel of land located in Pichhwara village of Hasanganj tehsil in Unnao district, valued at nearly ₹1 crore, was identified.
Along with the land, a car worth approximately ₹30 lakh linked to the accused was also seized.
Earlier in the investigation, authorities had already attached properties worth around ₹3 crore in Sitapur, while ₹51 lakh in bank accounts had been frozen. Officials say the search for additional assets connected to the accused is ongoing, and more attachments may follow.
Fraud network operated through ‘Bombitex’ app
Investigators found that the alleged fraud network operated through a company and mobile application called “Bombitex.” The company was reportedly registered in October 2024, and a dedicated website was also created to promote the investment platform.
Potential investors were told that they could earn returns of up to 15 percent per month by investing money through the platform.
To build credibility, the operators initially showed fake profits to a few early investors, encouraging others to join and invest larger amounts.
In January 2025, the company introduced a revised scheme, reducing the commission from 15 percent to 7.5 percent, claiming that the new plan was more stable and secure.
Two new apps launched to expand the network
The network later expanded by launching two new digital platforms named “Bombitex Trading App” and “Bombitex Pro App.”
Investors were provided with user IDs and passwords to log in to the platform, where dashboards displayed their supposed investments and profits.
However, investigators later found that these figures were fabricated numbers displayed on the website or app, while the actual funds deposited by investors were diverted elsewhere.
Money routed to Dubai through hawala channels
The investigation also revealed that the funds collected from investors were allegedly transferred to Dubai through hawala channels. The money was reportedly used to purchase assets abroad and expand the network instead of paying returns to investors.
Officials said that the international financial links of the case are also under scrutiny, and assistance from other agencies may be sought if required.
Warning for investors
Cyber and financial crime experts warn that many platforms claiming to offer crypto trading or online investment opportunities are designed primarily to trap unsuspecting investors.
Experts advise that before investing, people should verify whether a platform is registered with the Financial Intelligence Unit (FIU) and ensure that its legal status is clear.
Schemes promising unusually high or guaranteed returns within a short period should always be treated with caution. Investors are also advised to check the company’s Corporate Identification Number (CIN) and registration details before committing funds.
Investigators say efforts to trace additional assets and financial links in the case are ongoing, with the aim of recovering money and ensuring justice for the victims of the fraud.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
