Investigators have arrested Anchit Goyal, a scrap dealer from Agra carrying a reward of ₹25,000, in connection with an alleged ₹250 crore cyber fraud network being investigated in Kanpur, Uttar Pradesh. According to the investigation, three allegedly fictitious firms linked to the accused recorded financial transactions worth nearly ₹53 crore between January 2025 and April 2026. Investigators suspect the firms were used to channel proceeds of cyber fraud, generate fake Goods and Services Tax (GST) invoices to claim fraudulent Input Tax Credit (ITC) and income tax benefits, and disguise the origin of illicit funds. The probe has now widened to examine the entire financial ecosystem, including linked bank accounts and beneficiaries.
During the investigation, officials also discovered that a portion of the allegedly defrauded money had been transferred to the bank account of Jennifer Florence, a resident of California in the United States. Investigators are examining whether she had any direct connection with the alleged fraud network or whether her bank account was merely used as a conduit for transferring funds. Authorities are analysing international banking records and cross-border financial transactions to determine the nature of the foreign link.
According to investigators, the current probe evolved from an earlier investigation into an alleged ₹125 crore cyber fraud case. During that inquiry, four bank employees were arrested. Subsequently, the arrest and interrogation of two other accused allegedly revealed that the overall network may have handled suspicious transactions worth nearly ₹250 crore. The findings prompted investigators to expand the scope of the inquiry and trace financial transactions across multiple states.
So far, nine accused have been arrested and remanded to judicial custody in connection with the alleged cyber fraud network. Investigators found that Anchit Goyal allegedly came into contact with co-accused Rajveer Singh through his driver, Satish Pandey. Earlier in the investigation, authorities recovered more than 30 mobile phones and SIM cards from Satish Pandey. Investigators believe these devices were used to facilitate cyber fraud operations, manage bank accounts, and conceal the identities of those involved. Based on technical evidence and financial records, Anchit Goyal was later arrested from Agra.
Searches and document analysis led investigators to recover records relating to three allegedly fictitious firms—Rajaram Traders, Shree Shyam Traders, and Radha Traders. According to the investigation, the accused allegedly procured fake GST invoices from scrap traders in Rajasthan, Uttar Pradesh, Madhya Pradesh, and Delhi. Investigators suspect these invoices were used to claim fraudulent tax benefits while presenting proceeds of cyber fraud as legitimate business transactions. Authorities are now scrutinising bank accounts, GST filings, and financial records linked to these firms.
The investigation has also identified cyber fraud complaints linked to these firms on the Pratibimb portal from Motihari in Bihar, Kurnool in Andhra Pradesh, and Goregaon in Maharashtra. In another significant development, investigators found that the bank account of the daughter of a BSF personnel from Ghaziabad recorded transactions worth nearly ₹45 crore over the past year. Authorities are examining the role of this account and whether it was used to facilitate the movement of cyber fraud proceeds.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said organised cybercriminals are increasingly using shell companies, mule bank accounts, and fraudulent GST billing to legitimise illicit funds generated through cyber fraud. According to him, such networks move money through multiple layers of transactions, making it difficult for investigators to identify the ultimate beneficiaries. He emphasised that real-time coordination among banks, GST authorities, financial intelligence agencies, and law enforcement is essential to detect suspicious transactions early and dismantle organised cybercrime networks.
Investigators said the probe remains ongoing, with forensic examination of digital evidence, banking records, GST documents, mobile data, and inter-state financial transactions continuing. Authorities indicated that if further evidence establishes the involvement of additional individuals, shell companies, or international financial links, more arrests and legal action are expected as the investigation progresses.
