The North Region Cyber Police of Mumbai Police have busted an alleged Rajasthan-based network accused of using shell companies and bank accounts to route money generated through online investment fraud.
Six people have been arrested from Mira Road and Malad in connection with the investigation. Police allege that the network created companies, opened bank accounts and recruited young people from Rajasthan to help move money linked to cyber fraud.
The investigation began after police traced ₹33.25 lakh from a ₹74.26 lakh share-investment fraud to a bank account linked to a company. The alleged mastermind, believed to be from Bhilwara in Rajasthan, remains absconding.
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What is a shell company and why do fraudsters use one?
A shell company is a legally registered business that may have little or no genuine business activity. Such companies can become useful to criminals when their names, bank accounts or documents are allegedly used to receive and transfer money.
In this case, police allege that companies were created or used specifically to provide a formal-looking layer between the cyber fraud and the people ultimately controlling the money.
The alleged network recruited young people from Rajasthan with promises of jobs in Mumbai. They were reportedly offered salaries of around ₹25,000 a month along with commissions.
Police allege that the recruits’ documents were then used to register companies and open bank accounts. The companies and rented offices were subsequently used to route money generated through online fraud.
₹33.25 lakh traced to one company account
Investigators identified companies including Wingsrox Solution (OPC) Pvt Ltd and Saperasonu Enterprises as part of the alleged network.
A Bandhan Bank account registered in the name of Wingsrox Solution received ₹33.25 lakh linked to the share-investment fraud under investigation. Police said technical analysis of the account revealed links to multiple mobile numbers and people allegedly connected with the network.
Investigators also recovered a cheque book belonging to Wingsrox Solution. According to police, approximately ₹8 lakh was later withdrawn from the account using a cheque.
The movement of this money has become an important part of the investigation because police are trying to establish who ultimately controlled the accounts and who benefited from the alleged fraud.
Six arrested from Mira Road and Malad
Police arrested four suspects from Mira Road and two from Malad. All six are from Ajmer or Bhilwara in Rajasthan.
The arrested accused have been identified as Abid Hussain Saddiq Mohammad alias Sameer, 31; Omprakash Hagamilalji Jat alias Naval Chaudhary, 36; Sonu Jagdish Sapera, 28; Naresh Sawarlal Jat, 26; Arvind Kumar Mahesh Kumar Lodhi alias Joseph, 40; and Shivam Kumar Ramprasad Purohit alias Kanji, 26.
Investigators allege that different members performed different tasks within the network.
Police allege that Sonu arranged multiple SIM cards and handed them to the suspected mastermind. Omprakash, Abid and Naresh allegedly arranged accommodation and food for recruits brought from Rajasthan and helped with opening bank accounts.
Police further allege that Omprakash and Abid were involved in withdrawing ₹8 lakh from the Wingsrox Solution account. Arvind and Shivam allegedly arranged office premises and bank accounts in Mumbai and passed the account details to the alleged mastermind.
Police now following the wider money trail
The arrests have opened a larger investigation into other companies, bank accounts, SIM cards and financial transactions allegedly connected with the network.
Investigators suspect that more people may have been involved. They are examining how long the companies operated, how many accounts were used and the total amount that passed through them.
A key objective is to identify the ultimate beneficiaries of the money. Police are also trying to establish who carried out the original share-investment fraud and how the proceeds reached the accounts allegedly controlled by the network.
The suspected mastermind from Bhilwara remains at large. His arrest could provide investigators with further information about the alleged structure of the operation and the people who supplied accounts, documents, SIM cards and office facilities.
The investigation is also expected to rely on digital evidence, bank records, SIM-card information and company documents to reconstruct the financial trail.
The case illustrates how an online investment fraud does not necessarily end when money reaches a bank account. Investigators often have to follow a chain of companies, accounts, phone numbers and people before reaching the individuals allegedly controlling the proceeds.
For victims, the most important warning is that a legitimate-looking company name or bank account does not by itself prove that an investment opportunity is genuine.
What this means for you: Before sending money for an online investment, independently verify the company, its registration details and the people offering the investment. Do not rely only on documents, company names or bank-account details supplied by the person contacting you.
If you suspect an investment scam, preserve transaction records, messages, phone numbers and account details and report the fraud immediately to your bank and the cybercrime authorities. Early reporting can help investigators trace and potentially freeze funds before they are moved through additional accounts.
