Varanasi | A massive cyber fraud case involving so-called IPL betting has come to light, with investigators uncovering illegal transactions worth nearly ₹700 crore. The Cyber Crime Police has launched a detailed probe and preliminary findings suggest that the entire network operated through more than 2,000 bank accounts.
According to officials, victims were lured through social media advertisements and Telegram channels promising high returns from IPL betting and investment schemes. The investigation has revealed that a Mumbai-based entity known as “Malik Firm” acted as the central hub of the operation, facilitating large-scale money transfers.
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Probe findings indicate that the collected funds were converted into cryptocurrency and routed through gaming platforms before being transferred abroad. Hawala channels were also used to move money across Uttar Pradesh, Delhi, Haryana, and Mumbai. Authorities have also found indications that part of the money was invested in real estate.
Cyber crime teams said that around ₹25 crore was transacted through over 300 accounts in a single month (May), while the overall network involved nearly 2,000 bank accounts. Agencies are now working to identify the masterminds behind the firm and the wider syndicate.
Earlier, on June 1, the Cantt Police and Crime Branch raided an apartment in Taktakapur and arrested 13 accused persons. Around ₹1 crore worth of cryptocurrency was recovered during the operation. Investigations further revealed that key members of the gang had undergone training in Mumbai before expanding the cyber fraud network.
Officials said money was routed through Telegram channels operated under the name “Malik Firm,” transferred into multiple bank accounts, and quickly converted into digital currency to be sent to overseas networks. Some accused were allegedly trained online to manage and expand the operation.
Cyber crime authorities stated that a detailed probe is underway into banking transactions, digital trails, and foreign links to trace the entire network and identify its masterminds.
Cyber crime expert and former IPS officer Professor Triveni Singh said that IPL-linked cyber fraud networks are increasingly using multi-layered financial systems, making it difficult for agencies to track transaction trails. He added that digital awareness and timely reporting remain the most effective tools to disrupt such criminal networks.
