PANCHKULA: Acting on a complaint filed by city mayor Kulbhushan Goyal, the Cyber Crime Police on July 5 arrested two men from Uttar Pradesh in connection with a ₹42.52 lakh financial fraud targeting Amarnath Aggarwal Investments Pvt. Ltd., a firm linked to the mayor.
The accused, identified as Salauddin Ansari and Shyam Dayal, were brought to Panchkula on a 10-day police remand. Their arrests came after a detailed investigation into suspicious financial activity reported on June 26.
According to the police, Goyal — who resides in Sector 6 and serves as a director at the investment firm operating out of Sector 2, Panchkula — noticed the fraud when his son received alerts of two unauthorised payments from the company’s bank account. Prompt action revealed a sophisticated scam where forged letterheads and fake documents were used to misappropriate the funds.
Swift Investigation Leads to Arrests
The cyber police examined call records, WhatsApp communications, and banking transactions to trace the source of the fraud. This led them to Uttar Pradesh, where a series of raids were conducted to apprehend the accused. Authorities believe the duo were part of a wider syndicate.
During interrogation under remand, the suspects reportedly provided key details that have helped identify other individuals connected to the scam. Police confirmed that further arrests are expected shortly as investigations widen.
On Wednesday, following the completion of their remand, both individuals were sent to judicial custody.
Financial Institutions Under Watch
The case underscores the vulnerability of even established firms to cyber and document-based financial fraud. Officials say enhanced due diligence and communication between corporate entities and cyber cells are crucial in preempting such crimes.
Police have also alerted other businesses and banks in the region to be vigilant and verify all fund transfer requests, especially those made through letterheads and email correspondence.
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This case marks another example of the increasing use of digital tools to forge identities and mislead financial institutions, requiring a combination of cyber forensics and inter-state cooperation to track down perpetrators.