Police in Bharatpur, Rajasthan have dismantled a high-profile cyber fraud network involving over ₹400 crore in illicit transactions. The alleged masterminds behind the operation are Devendra, an MBA graduate from Allahabad working at a multinational firm on a ₹28 lakh annual package, and his childhood friend Shashi, an IIT alumnus who remains at large.
The duo, both academic toppers, allegedly leveraged their education and professional backgrounds to gain trust while orchestrating one of the country’s largest recent cyber scams.
Fake Firms, Real Losses: How the Scam Worked
According to police, the gang opened multiple fake companies across Delhi, Mumbai, and Bengaluru, duping people under the guise of investing in lucrative ventures related to gaming, stock markets, and financial trading. These fraudulent platforms promised high returns to lure unsuspecting investors, often using polished websites and professional marketing tactics.
The investigation was triggered by a complaint filed by Hari Singh, who reported a fraud of ₹14 lakh at the Dholpur Cyber Police Station. As investigators traced the financial trails, they unearthed suspicious transactions linked to a Fino Bank account, which had over 3,000 complaints registered against it.
In just four months, the police say, nearly ₹400 crore was routed through these fake companies’ accounts.
Arrests Made, Kingpin Missing
So far, police have arrested Devendra, along with Ravindra Singh, Dinesh Singh, and Kumkum Singh (Dinesh’s wife) in connection with the case. All are accused of playing active roles in setting up shell companies and facilitating fraudulent transactions.
The alleged ringleader Shashi, however, remains absconding. Authorities have launched a nationwide search and are confident of his arrest soon.
Bharatpur police officials described the case as a “sophisticated, white-collar crime operation” that highlights the evolving nature of cyber fraud in India, especially when driven by individuals with elite academic and corporate credentials.