Kanpur Police have arrested two men in an alleged ₹2.66 crore online investment fraud targeting a leather and footwear exporter from Jajmau, uncovering a network that investigators say used fake firms and corporate banking facilities to rapidly move stolen money.
The accused have been identified as Akhil Singh Chauhan and Satendra Yadav alias Tony.
Police said the businessman, Mohammad Ahmad Lari, was persuaded to invest through a company presented as Finsol Private Limited after being promised high returns.
Investigators have now traced parts of the stolen money through dozens of bank accounts across India.
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Victim Allegedly Lured Through Fake Investment Platform
The fraud allegedly began after Lari came across an investment opportunity linked to Finsol Private Limited.
He initially invested a small amount and reportedly received a return, helping build confidence in the scheme.
Police said further communication then took place through WhatsApp with a person using the name Ananya Kulkarni.
The victim was allegedly encouraged to download an application and increase his investment after being shown the prospect of much higher profits.
Between June and August, Lari transferred around ₹2.66 crore through multiple transactions into accounts provided by the fraudsters.
When the promised returns failed to arrive and he was unable to recover his investment, he approached the police.
Earlier investigation showed the money had initially been transferred through 18 accounts belonging to 13 firms before being moved through additional layers.
Police had already managed to place a hold on around ₹30 lakh while tracing the transactions.
₹2.66 Crore Routed Through 89 Bank Accounts
The latest arrests have revealed a more complex financial trail.
Police Commissioner Raghubir Lal said investigators found that the accused had access to corporate internet banking facilities normally used by businesses to process large or multiple transactions.
Using this facility, investigators allege the fraud proceeds were distributed across 89 accounts.
Around ₹25 lakh from the victim’s money allegedly reached an account linked to Akhil.
Police also found transactions worth around ₹3.24 crore through accounts associated with him on August 3 and August 5.
Investigators say Akhil had created or operated several firms, including entities presented as Heavy Motor Driving School and Sadbhavna Solution Private Limited.
The businesses are suspected of being used to open or operate accounts through which cybercrime proceeds could be moved.
Police say they have identified 31 bank accounts linked to Akhil.
Those accounts are reportedly connected to 38 cybercrime complaints and seven FIRs registered across states including Odisha, Tamil Nadu, Maharashtra, Delhi, Haryana and Uttarakhand.
What Corporate Internet Banking Means
Corporate internet banking, or CIB, is an online banking facility designed for businesses that need to handle large numbers of transactions.
Unlike a normal personal bank account, corporate systems can allow companies to transfer money in bulk, manage multiple beneficiaries and authorise high-value payments efficiently.
That makes the facility useful for genuine businesses.
But if criminals obtain access through fake companies or misleading documentation, it can also allow stolen money to be dispersed very quickly.
In this case, police allege that the facility helped move the fraud proceeds to dozens of accounts at once.
Rapid movement is a common technique in cybercrime because the longer stolen money remains in one account, the greater the chance that banks or police can freeze it.
Splitting the amount into many accounts makes recovery considerably harder.
Police Probe Wider Network and Mumbai Links
Investigators believe the two arrested men were part of a larger network.
Police reports point to handlers operating from Mumbai who allegedly coordinated with the accused and were involved in scams using malicious APK files, digital arrest tactics and fake investment opportunities.
Authorities are now trying to identify and locate the remaining members of the network.
Police are also investigating an earlier attempt by the accused to obtain similar corporate banking facilities through another bank using documents linked to an allegedly fake mustard oil business.
The bank manager reportedly refused to approve the request after questioning the documents.
The investigation will now focus on the movement of the stolen money, the firms and bank accounts used by the network and the identity of those controlling the operation from outside Kanpur.
The allegations against the arrested men remain subject to investigation and trial.
What this means for you:
A small initial profit does not prove an online investment platform is genuine. Before transferring larger amounts, independently verify the company, its regulatory registration and the bank accounts receiving your money.
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