Raipur: An investigation into a ₹21.15 lakh cyber fraud reported last year in Ambikapur, Chhattisgarh, has now led authorities to a suspected interstate and international cybercrime network. According to investigators, 23 people have been arrested across eight states. The probe has uncovered 38 fake trading portals, thousands of users, mule bank accounts, fintech payment gateways, hawala channels and suspected cryptocurrency transfers linked to overseas destinations.
The case began after a man approached the Ambikapur Cyber Police Station, alleging that he had been defrauded of ₹21.15 lakh through 84 separate transactions involving two fake trading platforms. Police investigated the complaint and filed a chargesheet against 23 accused persons last year. The complainant later approached the court, alleging that adequate action had not been taken by the Chhattisgarh Police or the central investigating agency.
As the investigation progressed, police uncovered indications of an organised cyber fraud network operating across multiple states and countries. Investigators found that the accused allegedly used different identities and pseudonyms to conceal their actual identities. Virtual numbers and mobile numbers registered in other individuals’ names were also allegedly used. The network reportedly had separate layers for developing and operating fake trading platforms, arranging bank accounts, processing payments and transferring the proceeds.
The investigation found that cryptocurrency transactions linked to just two fake trading platforms exceeded ₹1,880 crore over a period of four months. According to investigators, findings recorded in supplementary chargesheets transformed what initially appeared to be a local cyber fraud case into a suspected large-scale illegal dabba trading and fintech money-laundering network.
A ledger linked to the investigation allegedly recorded laundering flows of ₹601.90 crore in less than two months. Payment gateway collections reportedly exceeded ₹275.41 crore in October 2025 alone. Investigators are continuing to examine the remaining 36 portals. Around ₹690 crore was also identified as having moved through one fintech payment network, although investigators suspect that the actual amount could be significantly higher.
The probe also identified a virtual ID that allegedly processed ₹8.86 crore through 822 transactions in a single day. According to investigators, money collected through digital channels was subsequently moved through multiple layers using cash, hawala and cryptocurrency.
In Delhi, cash movements of between ₹50 lakh and ₹1 crore a day were allegedly carried out through cash management and hawala networks. Investigators also found indications that rupee proceeds were converted into UAE dirhams in Dubai. Cryptocurrency was allegedly transferred to certain vendors in China, with investigators suspecting that the funds were used for betting or gaming balances and server-related expenses.
The investigation has also brought separate bribery allegations against an IPS officer connected with the case. A complaint alleged that ₹1.5 crore was demanded through two other police personnel to stop the investigation, with ₹1 crore allegedly paid. The IPS officer has denied the allegations, calling them baseless, and said the matter is before the court and that he has full faith in the judicial process.
The investigation has so far resulted in 23 arrests across eight states. Police suspect that the network may have been operational since 2022, suggesting that its actual scale could be considerably larger than what has emerged so far. Two alleged key suspects, Anshul Ginotra of Haryana and Garvit Jain of Delhi, are reported to be absconding, with non-bailable warrants issued against them.
Investigators are now examining the remaining fake trading portals, their operators, payment channels, bank accounts and international money trails. The probe is also focused on identifying the individuals responsible for different layers of the alleged network, including technical operations, banking arrangements, payment processing, hawala transactions and cryptocurrency transfers. The findings could reveal a much wider financial network behind the cyber fraud and help investigators determine the full extent of the suspected money-laundering operation.
