The Delhi Police Crime Branch has arrested three accused — Pravash Chandra Panda (43), Pritam Roshan Panda (27) and Sritam Roshan Panda (24) — for their alleged role in a large-scale investment fraud worth ₹6.33 crore. Officials said the accused operated an organised cyber network running hundreds of mule bank accounts to launder funds from victims across the country.
165 complaints linked to syndicate across India
Investigations revealed that the accused were connected to at least 165 cyber fraud complaints registered in multiple states. Their arrest has exposed an extensive network of mule accounts and layered shell entities designed to circulate and conceal illicit funds. Police estimate that the gang was part of a wider operation involving ₹50 lakh worth of fraudulent stock investment schemes identified so far.
Fake SEBI registration and manipulated trading apps
According to DCP (Crime Branch) Aditya Gautam, Inspector Kamal Kumar’s investigation found that the accused posed as representatives of a SEBI-registered stockbroker to defraud investors. They lured victims into investing in secondary stocks, pre-IPO shares and off-market trades, using fake SEBI certificates and manipulated web applications to appear genuine.
₹49.73 lakh transferred through mule accounts
The complainant in the case was persuaded to transfer ₹49.73 lakh to several beneficiary accounts under the impression of investing in legitimate securities. Verification later revealed that these accounts were mule accounts operated by a coordinated group based in Odisha. One such account, belonging to M/s Shreeji Apparels, was identified as a key channel for receiving and laundering fraudulent funds.
Layered shell network unearthed in probe
A detailed financial investigation uncovered a layered network of shell entities and rapid cash withdrawals structured to obscure the money trail. Police said the syndicate followed a sophisticated system for laundering, with money distributed across five beneficiary accounts, including those linked to the arrested trio.
Broader investigation into national-level scam
Authorities said further inquiries are underway to track the remaining operatives and financial handlers connected to the network. The police believe the syndicate’s structure mirrors several other pan-India investment scams targeting unsuspecting investors through digital platforms and social media advertisements.
