A major cyber-financial fraud has been uncovered in Uttar Pradesh’s Sant Kabir Nagar district, where a software engineer couple allegedly collected nearly ₹8–10 crore from investors through a fake trading platform and a manipulated virtual wallet system. Investigators revealed that instead of investing money in the actual stock market, the accused showed continuously increasing “profits” inside a digital wallet interface while diverting the real funds for personal use and circular money rotation.
How the AIIPL app and virtual wallet worked
The accused, identified as Dhananjay Shukla and his wife Rani Prajapati, both software engineers by profession, reportedly met during their employment in Gwalior, Madhya Pradesh. After their marriage, they shifted to the Sahjanwa area in 2021, where they initially engaged in software development work for schools and local firms. Officials said this network later evolved into a structured investment syndicate targeting retail investors.
Investigations show that the couple used an app named “AIIPL” along with other digital platforms to attract investors. Victims were allegedly promised a fixed return of 18% per month over a 180-day lock-in period. Lured by unusually high returns, nearly 300 to 400 investors joined the scheme over time, believing it to be a legitimate trading opportunity.
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Money diversion, assets and regional spread
Authorities stated that the funds collected from investors were never actually deployed in stock market trading. Instead, the money was recorded in an internal virtual wallet system where artificial interest was added daily, creating the illusion of growing investments. This mechanism helped the accused maintain investor confidence for a prolonged period.
The investigation further revealed that the network operated multiple offices across Gorakhpur, Sant Kabir Nagar, Basti, and Ayodhya districts. In the initial phase, some investors reportedly received partial payouts to build trust, but as the inflow of new funds increased, the money was gradually diverted into different bank accounts and personal assets.
Scale of the fraud and forensic probe
Officials said that by 2022–23, the total amount collected through this scheme had reached between ₹8 crore and ₹10 crore. During the same period, the accused allegedly purchased a residential property worth around ₹1 crore in Lucknow and spent approximately ₹20–30 lakh on electronic equipment, office setups, and operational infrastructure. Once suspicions arose among investors that no real stock market trading was taking place, the accused allegedly shut down their offices and absconded.
Investigators also found that several other individuals were linked to the network and may have benefited financially from the scheme, making the case more complex. Authorities are currently examining digital devices, laptops, server data, and banking transactions to trace the full extent of the fraud.
Expert view and next steps
A cyber and economic crime expert and former IPS officer Prof. Triveni Singh noted that modern fraudsters often design seemingly legitimate investment ecosystems using technology, virtual wallets, and fake return dashboards to maintain long-term deception. He explained that such scams are difficult to detect until investors attempt withdrawals or regulatory scrutiny begins.
Officials believe the case may not be limited to a single region and could have financial links extending to other districts and states. Further breakthroughs are expected as forensic analysis of digital records and banking transactions continues in this expanding investigation.
