Bharatpur, Rajasthan – In one of the biggest cybercrime cases in recent times, Bharatpur Police on Friday announced the arrest of three individuals linked to a massive ₹400 crore cyber fraud carried out via a fintech operation targeting unsuspecting investors across the country. The arrested include Ravindra Singh (54), Dinesh Singh (49), and his wife Kumkum, all allegedly part of a well-organized cyber syndicate operating under the guise of stock investment platforms.
The case emerged after a complaint was filed by a victim, Hari Singh, at the Dholpur Cyber Police Station, accusing Fino Payments Bank of involvement in suspicious fund transfers. The complaint prompted a broader investigation that revealed a widespread financial fraud network operating through shell companies and phishing links.
Fake Investment Links Used to Funnel Victim Funds
According to Director General of Police (Cyber Crime) Hemant Priyadarshi, the gang lured victims into investing in the stock market through fraudulent links, promising high returns. Once users clicked on these fake links and entered their financial details, the funds were siphoned into accounts of shell companies. Four key firms identified in the case include:
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Rukanek Enterprises Pvt. Ltd.
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Selva Krishna IT Solution Pvt. Ltd.
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SKRC Infotech Pvt. Ltd.
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Nityashree Main Power and Contract Works
The DGP confirmed that ₹35 lakh from the complainant was traced to these company accounts, and further analysis showed a massive ₹400 crore in suspicious transactions through these and similar entities over the past four months alone.
Scale of Scam Expands: 4,000+ Complaints Registered
The scope of the fraud appears even more alarming with over 4,000 complaints registered against the operations linked to Fino Payments Bank, up from around 3,000 just weeks earlier. Authorities believe this number may continue to rise as more victims come forward.
DGP Priyadarshi indicated that Ravindra Singh, a management graduate (MBA), was the mastermind behind the fraud, with technical support provided by his nephew, Shashi Kant Singh. The group created professional-looking websites, phishing campaigns, and digital front companies to lure, trap, and extract funds from thousands of users. “Our probe indicates that this fraud may ultimately cross ₹1,000 crore,” said Priyadarshi. “We are pursuing further leads and verifying the financial trail of multiple related entities.”
Ongoing Investigation and National Implications
While three key members have been taken into custody, the Bharatpur Cyber Crime Unit continues to expand its investigation, collaborating with inter-agency cybercrime cells and financial regulators to track the movement of funds, identify further shell companies, and investigate the potential misuse of payment gateways and banking systems.
Officials are also looking into whether employees or systems at Fino Payments Bank were exploited, compromised, or complicit in enabling the scale of these transactions.
The arrests have brought to light the growing sophistication of white-collar cyber frauds, where fake fintech apps, investment platforms, and phishing links are used to exploit the increasing appetite for retail investment in India.
Public Caution Urged; Watch Out for Red Flags
Cyber police have urged the public to:
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Verify legitimacy of investment platforms before depositing money
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Avoid clicking on suspicious or unsolicited stock market links shared via SMS, WhatsApp, or email
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Cross-check registration details of companies on official government portals (like MCA)
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Immediately report suspicious activity to cybercrime helplines (1930) or www.cybercrime.gov.in
This case underscores the need for greater awareness, tighter digital financial regulations, and robust fintech due diligence to prevent the exploitation of innocent users by cybercriminals operating under the guise of digital innovation.
